Mariel Development Zone reports growing number of investments

20 November 2017

The Director General of the office for the Mariel Special Development Zone, Ana Teresa Igarza, has outlined a range of new foreign investment opportunities in the Mariel Special Development Zone (ZEDM) and has listed twelve new projects that have been approved.

Speaking recently to the media, she said that the updated portfolio of opportunities includes 50 possible new business ventures in biotechnology, logistics, food industry, construction, pharmaceuticals, transport, and furniture. Full details can be found at http://cubaynegocios.com/wp-content/uploads/2017/11/Cartera-de-Oportunidades-de-Inversi%C3%B3n-Extranjera-2017-2018.pdf

Ms Igarza said that there were now 31 authorized users of the Mariel development zone from 14 countries with a total investment value of over US$11bn. Reports in the Cuban state media, however, also said that there were currently 10 users operating in the zone, suggesting a significant gap between agreements being signed and actual start-up.

According to Mariel’s Director General, twelve new projects had been approved between November 2016 -2017. Among these were: the Cuban-Spanish mixed enterprise, Logistica Hotelera del Caribe, and El Salado, which will import and distribute food and hotel supplies; the TOT Color Group SA from near Gerona in Spain which will produce speciality paints; Engimov Caribe SA, a Portuguese company involved in specialist construction and renovation; Autocentro Zed, from Russia, which hopes to create a Kamaz truck operation for Cuba; and Fidas do Brasil SA, a sea and air freight logistics company.

Meanwhile, Cupet and Sherritt have established an international economic association in the zone, related to oil exploration; Nescor SA have a joint project with the Cuban company Coralsa to produce and commercialise foodstuffs including coffee; and Cimex Mariel, a wholly Cuban company, is distributing Cubita coffee out of Mariel.

 

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