Cuban govt. wants emigrants to invest in the country

Cuban emigrants can invest in their home country under the same conditions as foreigners, the government said on Saturday, amid an economic contraction exacerbated by fresh U.S. sanctions.

“A 2014 law on foreign investment did not contain any provisions anywhere about citizenship or origins,’’ Deborah Rivas, director of investment at the Ministry of Foreign Trade, told newsmen.

Rivas noted that the law simply said that foreign investors must “be domiciled and have capital outside of Cuba.’’

A portfolio of opportunities on the ministry’s Pro-Cuba website lists 525 projects in which foreigners can invest, mainly in the tourism, energy, transport and logistics sectors.

“There is no differentiation in the treatment of foreign investors who are Cubans residing abroad,’’ Rivas said.

The Cuban government has calculated that it needs 2 billion dollars in foreign investment annually to fund the island’s development, though has only attracted 5.5 billion since the 2014 law came into effect.

The U.S. announced fresh restrictions on Cuba this week, placing tighter limits on U.S. citizens’ travel to the island.

It came after the U.S. in May, reactivated a law allowing its citizens to sue foreign companies and individuals utilising property confiscated in Cuba by the Havana government.

According to NAN, Cuba began rationing food and hygiene articles, including soap and eggs in May, blaming the U.S. trade embargo for the shortages.

However, economic experts blame the island’s over-reliance on key ally Venezuela, which is suffering its own economic crisis, and on the poor quality of goods manufactured in Cuba.