Cuba Prioritizes Investments in Tourism, Oil, Mining and Energy

Cuba prioritizes foreign investments in tourism, oil, mining and energy, as part of the government”s efforts to update the country”s economic model, the weekly Opciones reported.By PL

Priorities include promoting exports over imports on grounds of efficiency, reducing the external imbalance, fostering national industrial development and agribusiness, increasing the Gross Domestic Product (GDP) and exporting basic medical services, and pharmaceutical, biotechnological and sea products.

Regarding tourism, business opportunities include the development of the hotel infrastructure by building new establishments and signing contracts to run hotels.

In the oil sector, the company Union Cubapetroleo is interested in developing joint ventures with foreign counterparts and signing risk exploration contracts in Cuba’s exclusive economic area in the Gulf of Mexico, as well as inland and offshore ventures to increase oil production and recover old oil wells.

Cuban authorities are also interested in developing alternative energy sources like bioelectricity and eolian energy, and increasing production of high value-added minerals by signing risk contracts to boost geological research on precious metals (gold and silver) and base minerals (copper, lead, zinc) in different regions.