October 2, 2007

Cuba old dictatorship toward open economy

Cuba may once again look for an infusion of foreign investment but with an eye toward avoiding mistakes of the past. In July, caretaker President Raul Castro disclosed the government was considering attracting more foreign investment into Cuba, as it did in the 1990s following the collapse of the Soviet Union.

Cuban Foreign Investments Minister Marta Lomas said during a weekend meeting with visiting Spanish International Cooperation Minister Leire Pajin that tourism tops the list of industries Cuba needs partners to develop further. So far, foreign investment accounts for 12 percent of Cuba's hotel capacity, she said. Lomas revealed there are 236 foreign corporations -- mostly Canadian, Spanish, Italian, Venezuelan and German -- working with local industries to the tune of about $3 billion a year.

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