Cuba allows five more foreign companies to invest in Mariel

Cuba allows five more foreign companies to invest in Mariel
By Indo Asian News Service | IANS India Private Limited/Yahoo India News

Havana, May 24 (IANS) Cuba has given the go-ahead for five more foreign
companies to set up operations in the Mariel Special Development Zone, a
port and trade complex aimed at luring foreign investment, officials
said at an international trade symposium in this capital.
"Six companies have been approved (to date), five of them with 100
percent foreign capital," the director of the ZEDM's support office, Ana
Teresa Igarza, was quoted as saying by Cuba's official Prensa Latina
news agency.
The approved companies operate in agribusiness, light industry,
electronics, chemicals and transportation, Igarza said Friday, without
indicating in which countries they are based.
Plans are for the companies to be installed at the development zone and
begin production in the first half of 2016.
Cuba has received more than 300 applications to invest in the ZEDM from
companies based in Spain, Italy, China, Russia, France, Vietnam, Brazil,
Mexico, the Netherlands and Canada, Igarza's office said in April.
Last month it was revealed that Spanish company Hotelsa, which produces
and markets food and beverage products for the hotel industry, would be
the first foreign firm to build a factory in the ZEDM.
The Cuban government envisions the Mariel Special Development Zone,
which provides favorable tax conditions for foreign firms and is the
first of its kind on the Communist-ruled island, as an engine for job
and export growth and a magnet for foreign investment.

Source: Cuba allows five more foreign companies to invest in Mariel -
Yahoo News India -
https://in.news.yahoo.com/cuba-allows-five-more-foreign-companies-invest-mariel-200218605.html