Business opportunities in Cuba

15:55 | 29/04/2015 Investment

(VEN) - Cuba has established the Mariel Special Economic Zone, which has been the first free-trade export processing zone of the country and where the government is committed to provide the best conditions for investors, especially for those who come from Vietnam.

The Vietnam Chamber of Commerce and Industry (VCCI) held a workshop on business and investment opportunities in Cuba on April 14, which was honored by the presence of Orlando Hernandez Guillen, the Chairman of the Cuba Chamber of Commerce (CCC).

Cuba is in the process of renovating economic structure and has adopted many new investment incentive policies with the intention of attracting more foreign investment into the domestic socioeconomic development. The newly issued Investment Law has regarded foreign investment as an important element in the development of several key sectors of the country instead of as an additional element as mentioned in the previous version.

On the sidelines of the workshop on business and investment opportunities in Cuba, the Cuba-Vietnam Business Committee has signed an action plan for the 2015-2016 period, which is part of activities to further promote bilateral business development. The Vietnamese side will promote possible investment projects to be made in the Mariel Special Economic Zone and related incentives to the domestic business community.

According to Orlando Hernandez Guillen, Vietnam is one of the few countries with which Cuba has signed medium and long-term bilateral economic cooperation programs. The Cuban Government always strives to provide Vietnamese investors the best investment conditions  and continues to promote bilateral trade, economic development and investment activities in the future.

In addition to domestic administrative reforms, the Cuba-US diplomatic normalization will also contribute considerably to Cuba’s economic development, facilitating both domestic and foreign investors, especially for Vietnamese investors. Cuba has several sectors suitable for Vietnamese investors including tourism, agriculture, telecommunications, consumer goods, footwear and textile and garment, while Vietnam also has some sectors for Cuban investors to consider including pharmaceutical industry, health and construction.

The Mariel Special Economic Zone will offer Vietnamese investors opportunities to boost investment in Cuba and to further penetrate into the US as well as other Latin American countries.

According to statistics from the Ministry of Planning and Investment, as of December 2014, Cuba had one investment project in Vietnam with total registered capital of US$6.6 million and ranked 69th among 101 countries investing in Vietnam. Vietnam has had two oil and gas investment projects in Cuba launched by the PetroVietnam Exploration Production Corporation (PVEP), member of the Vietnam Oil and Gas Group (PVN).

                                                                                                                                                                    By Nguyen Huong