Mariel Special Development Zone Approves First German Investment

The first German investment in the western Mariel Special Development Zone (ZEDM) was approved and a new user established in this industrial hub, according to information published on the ZEDM website on Friday.

This new investment in the modality of a company financed through totally foreign capital, aims to build a factory for the production and assembly of industrial valves, hydraulic and pneumatic systems, dynamic equipment and their components, the site detailed.

Among its goals is also to offer diagnostic services, repair, maintenance and training of technical personnel associated with these products, all of great impact on the industrial development of the country and import substitution.

Authorized to operate for a period of 30 years, PAMAS S.A. will use modern technologies for the development of its products and renewable energy sources to generate electricity.

This is the third company installed in the Zone this September, after the Spanish company Grupo BM Interinvest Technologies Mariel, S.L.U., and Teccomp Caribe, S.A., a mixed enterprise between Cuba and Russia.

With this new investment, the number of businesses approved since the creation of the ZEDM increased to 48, while the number of countries represented amounts to 21.