According to Cabrisas, global and branch agencies, business groups, companies and government structures in the territories, among others, must establish concrete actions, plans and schedules which may contribute to that decisive objective for the country.
The also deputy prime minister referred to the situation of foreign investment on the island at the Economic Affairs Committee of the National Assembly of People’s Power (NAPP, Parliament), where he regretted that the expected and necessary results have not been achieved in the sector, despite the decision to increase its participation in economic and social development.
Cuba cannot afford to lose even a minute, since there is a risk of circumstances that may frustrate certain opportunities, remarked Cabrisas, who considered it essential to speed up all deadlines in compliance with existing mechanisms and procedures.
The information presented by the minister to the deputies during the second and last day of debates of the permanent commissions of the NAPP specified that at the end of May there were 327 businesses with foreign investment in the country, a figure that includes 167 contracts of International Economic Association, 106 joint ventures and 57 of totally foreign capital.
In sum, investors from 40 nations are participating in these projects, with a greater presence from Spain, Italy, Panama, Canada, Mexico, Vietnam, China, Australia, United Kingdom, Germany and France.
According to the Cuban Deputy Prime Minister, foreign investment plays a relevant role in several economic activities, such as tourism, mining, tobacco agroindustry, rum production and commercialization, food and light industries, and telecommunications services.
These examples evidence the contribution that foreign capital could provide if inserted in other sectors and activities, Cabrisas said, and noted that the authorization of new businesses shows a discreet recovery (18 approved in the first half of 2023), still below the needs of the economy.
In addition, he indicated that foreign investment should have a greater presence in the development of the territories, mainly for its contribution to exports, from the increase of its added value, the promotion of new exportable funds and the recovery of productions that in the past were part of that offer.
jrr/ybc/jha/mar
