No menu items!

COSTA RICA'S LEADING ENGLISH LANGUAGE NEWSPAPER

HomeTopicsBusinessCuba sees 'major role' for foreign investment

Cuba sees ‘major role’ for foreign investment

HAVANA, Cuba – Cuba plans to open its economy to greater foreign investment under a new law to be taken up soon by its legislature, a report in state-run media said Saturday.

Outside investment no longer would be merely a “complement” to Cuba’s state-run economy but “would occupy a major role” under the proposed law, said Pedro San Jorge, a top official at Cuba’s Ministry of Foreign Trade and Foreign Investment.

The national assembly is take up the bill in March as part of an ongoing overhaul of Cuba’s Soviet-style economy under President Raúl Castro.

San Jorge, who heads the ministry’s economic policy office, said it envisions among other things a role for foreign investment in agriculture, which he said was unusual.

His remarks were published in Cuba’s Opciones weekly newspaper.

A 1995 law mandates that foreign capital should play only a complementary role in Cuba’s economy, including providing funds and technological know-how to enterprises run by the Cuban state.

San Jorge said that the planned changes reflect the “current circumstances” faced by Cuba, which has been struggling to get out from under an inefficient, top heavy, state-run industrial apparatus.

Castro last month called an extraordinary session of the assembly in March to approve the bill.

He said that the measure opening up the economy to outside investment seeks to attract greater foreign capital, generate new jobs and bolster domestic industry.

Castro said he also wants to increase Cuba’s exports and reduce its dependence on goods purchased from overseas.

“You have to strengthen the country’s capacity to generate many of the products that we currently import,” the Cuban leader said.

The island of some 11.1 million people has seen some significant changes since 2011.

The reforms have covered everything from the currency system to the kinds of jobs Cubans are permitted to take on as self-employed workers.

Castro also has created hundreds of cooperatives from former state enterprises, in a bid to reduce the legions of state workers who get a government paycheck.

Trending Now

Volaris Pulls Plug on Four Costa Rica Flights Amid Tax Hike Pressures

Volaris announced the indefinite suspension of four flight routes to and from Costa Rica, citing high ticket taxes as the primary reason. The decision...

Procomer Opens New Office in Silicon Valley to Draw Tech Investments

Costa Rica's export promotion agency, Procomer, opened an investment promotion office in Silicon Valley on February 17. The move targets foreign direct investment from...

Venezuela parliament unanimously approves amnesty law

Venezuela's National Assembly on Thursday unanimously approved a long-awaited amnesty law that could free hundreds of political prisoners jailed for being government detractors.  But...

Costa Rica Central Bank Urged to Cut Rates and Act on Exchange Rate Collapse

Economists called on the Central Bank of Costa Rica to adopt measures that reverse the sharp drop in the dollar exchange rate. The local...

FIFA’s Infantino “Very Reassured” on Mexico World Cup Security

FIFA boss Gianni Infantino said on Tuesday he was "very reassured" about Mexico's hosting of games in the football World Cup, in his first...

Costa Rica Leaders Head to Trump Summit for Security Boost

President Rodrigo Chaves and President-elect Laura Fernández plan to attend a high-level summit in Florida next month, hosted by U.S. President Donald Trump. The...
Costa Rica Coffee Maker Chorreador
Costa Rica Coffee Maker Chorreador
Costa Rica Travel Insurance
Costa Rica Travel

Latest News from Costa Rica