Investors keen on Cuba despite US pressure – Diaz-Canel

CUBAN President Miguel Diaz-Canel says no international investors have pulled out of the country despite the US economic and financial pressure against those dealing with the communist island. He said international investors recognised Cuba’s guarantees despite pressure from Washington. Addressing the National Assembly’s Public Service Committee recently, President Diaz-Canel said Cuba must develop an export vocation in all entities.

“We need to substitute imports, because the less we spend, the more we have to re-circulate within our own productive processes,” he told the deputies (parliamentarians) when updating them on Law No. 118 that governs foreign investment in Cuba.

Legislators learned that the portfolio of business opportunities promoted by the Ministry of Foreign Trade and Investment includes more than 500 projects in different sectors, among which tourism stands out.

“The introduction of foreign capital in our economy is today an essential part of our development strategy, which is why this is one of the main lines of attack pursued by the United States government,” President Diaz-Canel said, according to Granma.

“But despite the pressures on international investors and companies in our country, all have maintained a firm position in rejecting the extraterritorial nature of US laws, mainly the Helms-Burton. No one has pulled out. Some have submitted new projects and have said that they are willing to close businesses elsewhere to stay here because of the potential to start new projects and security in Cuba.”

He explained that business people knew how much Cuba was affected by the tightening of the blockade and financial persecution.

“But they have confidence in the commitment of the Revolution’s leadership to fulfil obligations,” President Diaz-Canel said.

The President emphasised the need to attract capital, technology, and knowledge to advance economic growth.

“We will not invest in just anything but in key prioritised sectors, very well defined in Cuban law, always defending our sovereignty and independence,” he said.

Prior to the President, ministers Eduardo Rodríguez Dávila (transportation), Betsy Díaz Velázquez (domestic commerce), Manuel Marrero Cruz (tourism) and Communications deputy minister Ernesto Rodríguez reported on joint ventures in their sectors, currently providing mutual benefit, while difficulties were also recognised, such as delays in responding to international investors, in processing and documentation, and insufficient experience in contracting the purchase raw materials.

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