Since the introduction of the foreign investment law in October
foreign investors have literally flocked to Cuba in their droves.
The #77 Law permits foreign investment in just about any area
of the Cuban economy. To press, main areas for investment are:
Light Industry, Heavy Industry, Textiles, Agriculture, Tourism,
Real Estate, Telecommunications & Import - Export.
Presently some 920 branch offices are registered in the Chamber
of Commerce, there are commercial ties with over 3 200 foreign
companies from approximately 150 countries. The Cuban government
is looking for capital, markets and technology via links with
foreign enterprises. According to official data, the capital accumulated
from these "joint ventures" (May 2000) exceeds 2,500
million dollars. Recently investors have begun heavy capital investments
in tourism related real estate developments, Law 77 fully supports
such ventures. The foundation of the Cuban Central Bank and a
group of banking, financial and commercial institutions opened
new avenues for the Cuban industry, in 1997 by facilitating credits
for 700 million dollars, taking the form of capital, for labour
and technologic investments.
For detailed foreign investment laws, info on investing in Cuba and possible contacts: www.cubafirst.com