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Monday, July 9, 2012

Cuba Works on Changes of Law on Foreign Investment

Havana, Cuba, Jul 9.- Cuba is working on changes of Law 77 on the participation of foreign capital, said in Havana Yamila Fernandez, director for Finances of the Foreign Ministry for Foreign Trade and Investment (MINCEX). Fernandez pointed out that a new law should be enacted before December, 2012, while addressing participants in a panel on the Cuban economic model, held in the final session of the 8th International Meeting on Accountancy, Audit and Finances.
Likewise, she said that efforts are being made for the preparation and updating of the portfolio of projects and businesses with foreign capital, with adequate studies of pre-feasibility.

In this regard, she insisted that foreign investment will continue to be supported, as a complement to national investment efforts, with emphasis on prioritized sectors.         

This activity should favor access to technologies, contribute financing and access to markets, and generate jobs, added the speaker in the presence of experts from some 30 nations gathered at Havana’s Convention Center.

The official also stressed that concentration of purchases started in 2011, in order to improve this capacity in the country and influence the balance of trade favorable, by way of the reduction of imports.

On the other hand, she reiterated that, for the island, food production is a strategic issue, so suburban development of agricultural and livestock production and credit opportunities for farmers are vital, among other steps. (ACN).

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