Significant investments with foreign capital are likely to be materialized in Cuba this year, with the objective of making the national industry more dynamic and replacing large volumes of imports.

Significant investments with foreign capital are likely to be materialized in Cuba this year, with the objective of making the national industry more dynamic and replacing large volumes of imports.Among the projects that are either being studied or that are waiting for approval are three factories: one for producing aluminum containers, another for glass containers and a third for flexible containers for foodstuff, as well as a power generating plant using urban solid waste, an initiative that will be implemented all over the country as well.

The upcoming edition of the International Convention and Exhibition of the Cuban Industry set for June 20-24 will be a suitable occasion for presenting the scope of these projects, both to national and foreign participants, said Adriana Barceló Permuy, the general manager of the Ministry of Industry’s department for industrial management (MINDUS).

These projects are in line with Law No. 118 on Foreign Investment and the Mariel Special Development Zone (ZEDM), which encourages participation of foreign capital as a complement to national efforts for attaining sustainable industrial development.

In remarks to the press, Barceló Permuy explained that the three aforementioned factories are part of three projects estimated at $80 million each with investors from Panama, Italy and China, hence allowing them to have modern and productive technologies in that sector, to which Cuba annually assigns some $40 million.

The aluminum and glass container factories will be located at the ZEDM, representing one of the most significant contributions to that site and the local industry, the MINDUS official said.

Significant investments with foreign capital are likely to be materialized in Cuba this year, with the objective of making the national industry more dynamic and replacing large volumes of imports.It is a priority for the Cuban state to have a national container industry because it means import savings, she commented.

The director noted that the first joint plant producing biogas and hence power from urban solid waste is expected to be completed this year in Havana, an initiative that will be later on taken to Villa Clara, Camagüey, Holguín and Santiago de Cuba provinces with different modalities and technologies.

These investments will bring forward the government’s efforts to gradually change the country’s power network, with a program aimed at generating 24 percent of the country’s electricity using renewable energy sources.

Particularly important is the project for the modernization of the José Martí Iron and Steel Factory of Havana, with a Russian credit worth $100 million that will enable sustainable iron and steel productions for social programs and exports.

Another major project is being developed at the Stainless Steel Factory in the province of Las Tunas, with an investment worth more than $11 million.

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