Next Cuban Constitution Highlights Foreign Investment

The new Constitution is the result of a broad popular consultation, held from August 13 to November 15, with the participation of almost nine million people in 133 thousand meetings in neighborhoods and work and study centers.

Article 28 establishes that the State promotes and provides guarantees for foreign investment, as an important element for the economic development of the country, based on the protection and rational use of human and natural resources, as well as respect for national sovereignty and independence.

The law establishes what is related to the development of foreign investment in the national territory, he adds.

On the subject, authorities in the sector recently highlighted that foreign investment in Cuba grew during 2018.

The Minister of Foreign Trade and Foreign Investment, Rodrigo Malmierca, said that in 2018 they officiated 40 new businesses for one thousand 500 million dollars, and 35 of those projects are in the process of investing.

Malmierca stressed that since 2013 a new policy towards foreign capital was opened with a sectoral focus and stressed that the need for investment is in the amount of two billion dollars per year.

However, he mentioned some obstacles such as the economic, commercial and financial blockade of Washington against Havana for more than 50 years.

For its part, the Director General of Foreign Investment of the Ministry, Déborah Rivas, reflected that since 2014 there has been an increase in the projects of the portfolio of opportunities for these businesses.

On that date, she said, there were 246 investment projects, and currently they total 525.