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Sunday, 31 May 2015

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'Cuba, ideal investment destination'

Today, Cuba is an ideal destination for investments due to the reorganising of policies, political stability backed by a strong regulatory framework, Ambassador for Cuba Florentino Batista told a workshop on 'Bilateral trade between Sri Lanka and Cuba' organised by the National Chamber of Commerce of Sri Lanka last week. He said the highly educated workforce and natural resources has made Cuba a fine location for trade and investment. The ports in the North and the South with state-of-the-art facilities provide ample opportunities for trade with Cuba.

The ports with a 17.0m draft and equipped with modern facilities will help trade.Cuba is the largest island in the Caribbean and the only remaining communist State which has a high human development ranking according to the United Nations Organisation and ranks well in health and education.

With a population of around 11 million and a multi-ethnic culture, Cuba is twice the size of Sri Lanka.

"New policies are in the pipeline and with an inevitable change which Cuba welcomes, it is a fundamental need to revitalise the economy.

The new laws on investment focuses on diversification of export markets, access to technology, shift in imports and creating new sources of employment," Batista said.Diplomatic negotiations between Cuba and the USA have been continuing although no accord has been reached between the two countries on re-establishing long-fractured diplomatic ties. Representatives of both countries have been meeting to resolve a checklist of issues before they could elevate their diplomatic outposts known as 'interests sections' into full-fledged embassies and exchange Ambassadors for the first time in more than half a century.

Diplomats on both sides believe an agreement is near. However, they still had certain issues to resolve. Cuba faces a constant problem due to the dual currency operating in the country and it affects its economy. Conversions for industries has been a major problem as a result of the dual currency.

Measures are in place to eliminate the second currency. The Cuban Peso is the official currency of the country.

“The world should explore the potential of Cuba which is keen to increase foreign investment, hotels and tourism sector,” Batista said.

The main industries of Cuba are food production and industrial products, medical, pharmaceutical and biotechnology. Cuba exports sugar, nickel, seafood, citrus, tobacco products and rum. Cuba has a literacy rate of 99.8 percent, the second highest literacy rate in the world.

The Cuban Government spends around ten percent of its central Budget on education and it has 47 universities with a large enrolment each year.

“Cuba needs to scale up food production and be geared with more facilities to cater to the

growing number of tourist each year. We anticipate around four million visitors within the next few years. Around two million people visit Cuba every year,” the Ambassador said. Cuba’s 129 embassies and large contact network is an incentive to develop trade and investment links. Agriculture, forestry, pharmaceutical and biotechnology, food industry, sugar and tourism are potential sectors for investment.

- LF

 

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