New Version of the Investment Opportunity Portfolio Unveiled

The latest update of the Cuban Investment Opportunity Portfolio was presented Tuesday at the Havana International Fair (FIHAV 2017) by Rodrigo Malmierca, minister of Foreign Trade and Investment, at the Executive Hall of the EXPOCUBA Fairgrounds’ Main Pavilion.

The high-ranking Cuban official spelled out details about the latest version of the portfolio, giving a case-by-case account of the investment projects that have been approved and those whose passage is still pending.

Mr. Malmierca said the country’s development needs the inflow of foreign capital and in that respect, some $2 billion worth of external investment every year will be a feasible goal for the island nation.

The new investment opportunity portfolio now includes 156 projects for a grand total of $3 billion. Culture is one of the newcomers in this latest version, which this time around engulfs 50 projects designed for the Mariel Special Development Zone and 406 for the rest of the country. All in all, that volume accounts for a staggering $10.7 billion worth of foreign investment.

Tourism takes the cake once again with 156 projects contained in the new portfolio, while the agricultural, forestry and food-producing sector comprises 104 projects in all. Pharmaceuticals and biotechnology with 15 projects, and building with 14, are also standouts on the list.

Mr. Malmierca explained that despite the Cuban government’s willingness to draw foreign investment and the desire of many potential investors to pour their capital into the country’s economy, there are still snags and hurdles to clear, including the lack of cash flow, the dual-currency situation and the U.S. economic embargo on the island nation.

However, Cuba will continue doing its best the best way it knows how to attract foreign investment, aware of the fact that “there’s still a long way to go in this respect,” Minister Rodrigo Malmierca told the audience attending FIHAV 2017.