15:32 | 03/04/2018 Companies
The Cuban government has granted first administrative concession in the Mariel Special Economic Development Zone to the ViMariel S.A company, a subsidiary of the Vietnamese corporation Viglacera.
|A view of the Mariel Special Economic Development Zone - Photo: AFP/VNA|
The signing of the document to this effect was witnessed by Minister of Industry and Trade Tran Tuan Anh of Vietnam and Cuban Minister of Foreign Trade and Foreign Investment Rodrigo Malmierca at the Vietnam-Cuba business forum held in Havana within the framework of General Secretary of the Communist Party of Vietnam Central Committee Nguyen Phu Trong’s visit to Cuba from March 28-31.
Under the document signed between Director General of the Mariel Special Economic Development Zone’s Management Office Ana Teresa Igarza and Chief Representative of Viglacera in Cuba Nguyen Anh Tuan, the Vietnamese firm will invest US$300 million to build a 160ha industrial park with full road, telecommunication, water and electricity infrastructure to serve industrial establishments. It will take ViMariel S.A five years to construct the industrial park from 2019. The concession is 50 years.
Addressing after the signing ceremony, Igarza affirmed this is part of Cuba’s efforts in calling for foreign investment to serve necessary infrastructure development for potential investors in Cuba.
The ViMariel S.A industrial park is expected to welcome businesses involved in logistics, biotech, pharmaceuticals, electronics and processing.
Also at the business forum, a series of cooperation documents between Vietnamese companies and Cuban partners. They included a memorandum of understanding between the Hanel company of Vietnam and the Cubanacan group on the construction of a five star hotel in Havana, and a contract between Viglacera and Gran Caribe on management and operation, including upgrade and restoration, of the New York Hotel in Havana downtown.
On this occasion, Minister Malmierca announced that the Cuban government had approved two projects of Vietnam’s Tin Thanh Company on agricultural development, and the construction of a bio-mass power plant, both in the central province of Camaguey.