Havana, 30 March-2014 (Prensa Latina): Cuban Parliament today passed a new Foreign Investment Law to allow access to foreign capital, technologies and new markets as well as insert national products and services in the international market.
Cuba to Foster Foreign Investment, Regarding National Sovereignty, Cuba Encourages Foreign Investment to Develop Its Model, Cuban Parliament Select New Members of the State Council and The legislation, approved with the unanimous vote of the Cuban deputies, also seeks to yields positive effects in the domestic industry for national economic growth.
This is a legal framework that provides greater incentives for foreign investment and effectively contributes to ensure sustainable development of the country and the recovery of the national economy.
Under the new law, this will be based on the protection and wise use of human and natural resources and respect for national sovereignty and independence.
The Act provides among other forms of property joint ventures, companies and economic associations and the total or partial transfer of economic objectives for their development if useful and necessary, with respect to state ownership.
Once the Foreign Investment Law was passed, it will enter into force within 90 days, and after its publication in the Official Gazette of the Republic.
Its application is aimed at export diversification, access to advanced technologies, import substitution, with priority on food, creating jobs and change the country’s energy matrix.
Foreign investment in Cuba may be permitted in all sectors except health care and education to the public and the army, apart from their business systems.
Such opportunities will be approved by the Council of Ministers, from a portfolio of projects of national interest.