Cuba looks to attract foreign investment at upcoming trade fair

Source: Xinhua| 2018-10-16 10:53:05|Editor: xuxin
Video PlayerClose

HAVANA, Oct. 15 (Xinhua) -- Cuba seeks to expand opportunities to attract foreign investment with a new business portfolio that will be presented at the 36th Havana International Trade Fair (FIHAV 2018) to be held from Oct. 29 to Nov. 2.

Cuba has updated its business opportunities portfolio with the largest number of projects for foreign investment and this new opening will be presented at the event, said Cuba's Minister of Foreign Trade and Investment Rodrigo Malmierca during a press conference with local media on Monday.

"This year's trade and business fair will show the trust and consolidation of foreign investors in the Cuban market with the participation of companies from over 60 countries and 20 high-level delegations including ministers," said Malmierca.

He pointed out that as usual, the island's top business partners such as Venezuela, China and Russia will have an outstanding participation, with the most represented country being Spain.

Other nations such as Brazil and Italy will have a prominent presence, he said. The fair will contribute once again to promoting the country's economic relations with the world, he added.

"Our main business and trade partners will have greater representation at this year's fair, a sign that our market is one of the most important in the region," Malmierca said.

The fair will also host the third edition of the Cuban business opportunity forum which aims to provide businessmen with information about foreign investment on the island and networking with local partners.

Malmierca said the nation's business portfolio adds new proposals under a foreign investment law approved in 2014 and includes all priority sectors to the island such as tourism, renewable energies, oil exploration, food imports, nickel and mining development.

"This forum is a real opportunity to nail down important trade deals for Cuba and also to increase future foreign investment in the island," he said.

Cuba plans to showcase its goods and services in a pavilion that will house more than 350 companies and entities from all economic sectors, including the Mariel Special Development Zone (ZEDM), the government's flagship project to attract foreign capital, said Orlando Hernandez, president of the Cuban Chamber of Commerce.

A keynote presentation by the ZEDM director will update participants on the development of the area and provide foreign companies with useful information in order to increase investments in the zone.

FIHAV 2018 will be the largest of these fairs in terms of exhibition area, covering 25,000 square meters. It will take place at a convention center on the outskirts of Havana.