Ms. Marta Valdés Domínguez
Informational Consulting. House Consultant DISAIC
Google translation.
Summary
The economic policy that is currently applied in Cuba to the
approval of business conceived under the terms of Foreign
Investment, is associated with projects of national interest
that involve high investment flows to national development goals
or have a significant economic impact social in the country and
the same occurs contained in Chapter III, Guidelines of 89 to
100 of the Draft Guidelines will shortly be adopted at the Sixth
Congress of the Communist Party of Cuba, an integral and
essential part of the new Cuban economic model.
Development
In accordance with paragraph l), Article 2, Chapter II of Law
No. 77 of 1995, Cuban law defines foreign investment as capital
contributions by foreign investors in any of the forms provided
in said statute, which lays the foundations in our country for
the development of profitable activities with the participation
of foreign capital in order to strengthen our economic capacity,
contribute to sustainable development of our economy and
encourage a search for foreign markets, competitive technologies
and funding.
The economic policy that is currently applied in the country for
approval of new businesses in the forms of foreign investment
contained in Cuban legislation is framed on the principle of
high selectivity and is associated with projects of national
interest with a significant impact economic and social example
is the content of Chapter III of the Draft Guidelines in view of
the VI Congress of the Communist Party of Cuba, dedicated to the
country's foreign economic policy aimed, among other things, to
increase and consolidate the revenues from exports of goods and
services and to continue encouraging the participation of
foreign capital to supplement the national investment effort in
those activities that are of interest in the country, in line
with the projections of economic and social development in the
medium and long-term.
In recent years we have incorporated new foreign investment
sectors in the country, showing the qualitative development
achieved by this process, example of this business we have
developed in the energy industry, gasification to replace
kerosene consumption, in the financial sector, the marketing of
cigars and the system of aqueducts and water supply to the
capital, among others. Major businesses have been approved in
the cement industry, civil aviation and industries for the
manufacture of paints, ship repair and construction of bus. Also
within the tourism sector, joint ventures have been created for
new hotel developments of the main tourist resorts in the
country.
The result of the dynamics that have characterized the process
of foreign investment in Cuba, with the entry into force in
2000, the 3827 Agreement of the Executive Committee of the
Council of Ministers of the Republic of Cuba, as amended in
2004, by Agreement No. 5290 of own governing body, was endorsed
the procedure for concluding contracts for the cooperative
production of goods or services, Hotel Management and Production
between Cuban companies and individuals or legal entities. These
regulations establish the legal basis on which would settle the
new forms of foreign investment that were detached from the
existing Law 77 of 1995.
As a complement to the above agreements, the then Ministry for
Foreign Investment and Economic Cooperation issued in the year
2007, Resolution No. 13 of 2007, which established the rules for
filing, processing, approval, termination , control and
supervision of contracts for the cooperative production of goods
or for the Provision of Services and Production Management
Contracts, Services or hotel.
The specificities to excel in these new forms of foreign
investment are its agility in the approval of business schemes
in relation to investment forms set out in Law 77 of 1995, as
well as flexibility in its implementation, so that promotes
business development to small and medium enterprises, serving
also as a prelude to more complex patterns of association as
described in Law 77.
The draft Guidelines with a view to the Sixth Congress of the
Communist Party of Cuba, Chapter III "Foreign Economic Policy"
in the issue dedicated to the Foreign Investment (89 to 100),
defends the possibility of using this route to be access to
advanced technologies to enable the country to enhance and
increase their technical and technological capacities in all
sectors as well as diversify and expand export markets. The
document in question supports, also, the expansion of the
participation of businessmen from different countries in the
process of foreign investment in the country, whose regulations
will be gradually improved in order to irlas adapting to new
requirements of the country .
An important aspect is taken into account as part of the
Guidelines on Foreign Investment is necessary to control the
behavior and development of joint ventures and foreign economic
associations formed, they fail to realize its inception within
the stipulated period, with a view to prevent further to promote
the efficiency of economic development, represent an
unproductive investment of resources.
Another fundamental principle is intended to ensure the
protection of the country's economic system that relies on the
Draft Guidelines, in his chapter on foreign economic policy of
the country, which follows the Guidelines including 97 to 100,
which advocates the forced correspondence of the activity of
foreign investors to compliance with the National Economic Plan,
ensuring safeguarding essential productions of the economy,
import substitution and positioning of the interests of Cuba in
the external markets.
Cuba What are the advantages to foreign investors, in light of
current policy?
In addition to having legislation that guarantees adequate
protection and safety climate for business, is for foreign
investors, a number of advantages which include the following:
• highly skilled workforce. • Adequate infrastructure, with more
than 95% electrification of its territory. • The political and
social stability. • Integration of Cuba to the Latin American
and Caribbean (Latin American Integration Association (ALADI),
Caribbean Community (CARICOM), Association of Caribbean States
(ACS). • The geographic location in the center of an expanding
market and major trade routes. • The existing natural resources.
• The development and promotion of the activities of government
research and development (R & D), technological innovation and
its applications. • fast and reliable national system of
intellectual property management. • Entering into agreements
with several countries for the Promotion and Reciprocal
Protection of Investments (BIT) and the Agreement for the
Avoidance of Double Taxation.
It is indispensable to Cuban law on foreign investment as well
as all the measures implemented for such purposes, as already
noted in the Chapter on Foreign Policy Guidelines Project of the
Sixth Party Congress, not only aims to promote the safety of
this modality designed business but also to preserve and promote
industrial development policies and technological progress,
creating incentives for direct foreign investment into those
areas where greatest benefit could bring.
The full implementation of fiscal policy, trade, credit, tariff
and labor on foreign investment, the most rigorous compliance
with the commitments in the international market and the
continuous improvement in ethical conduct and technical training
of personnel involved with international economic activities,
are the foundations of foreign economic policy set by our Party
and our Government, which constitute the pillars on which to
settle foreign investment activity in the new economic model and
its full implementation, will be the best way to ensure its
effectiveness and success for our future economic development.
Bibliography
National Assembly of Popular Power. Law No. 77 of 1995 on
Foreign Investment.
Executive Committee of the Council of Ministers. Agreement No.
3827 of 2000.
Executive Committee of the Council of Ministers. Agreement No.
5290 of 2004.
MINVEC. Resolution No. 13 of 2007.
Draft Guidelines of the Sixth Congress of the Communist Party of
Cuba.
Viewed at: www.cepec.cu / inversionextranjera.php
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