As expected, Cuba’s National Assembly passed on 30 March a new foreign investment law that aims to bring badly needed capital to the island. Although parts of its content had been previously revealed (Cuba Briefing, 27 March 2014), announcements from the Cuban Government on 31 March set this out in greater detail.
According to a front page article in Granma, the official newspaper of the Cuban Communist Party, the legislative proposal is intended to increase the rate of economic growth and increase funds for investment to ‘accelerate the development of prosperous and sustainable socialism’. It allows for foreign investment in all sectors except education, health and ‘armed institutions’ and will offer tax exemptions to overseas companies.
This is an extract from the Caribbean Council’s weekly publication, Cuba Briefing. For information on subscription, please click here.