'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
|