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Cuban construction sector: A priority for foreign investment

Ten construction sector projects, including one located in the ZEDM, aimed at attracting international capital feature in the country’s new 2016-2017 Foreign Investment Portfolio, presented during the 34th Havana International Trade Fair


11 de noviembre de 2016 - Taken from Granma

Cuba is prioritizing construction among the important sectors in which it aims to attract foreign investment, with a view to acquiring new construction technologies and systems which will stimulate the development of this sphere in the country.

Ten construction sector projects, including one located in the Mariel Special Development Zone (ZEDM), aimed at attracting international capital feature in the country’s new 2016-2017 Foreign Investment Portfolio, presented during the 34th Havana International Trade Fair.

Speaking to ACN, José Ramón Vega Almaguer, business specialist at the Construction and Assembly Central Enterprise Management Organization (OSDE), stated that two of these projects are currently in the advanced stage of negotiation with potential foreign partners.

He reported that the projects – in the form of International Economic Association Contracts – are related to repairs; construction equipment and tool hire; lifting of heavy loads and transportation services.

According to Vega Almaguer, various exchanges and meetings with countries interested in participating in the other construction sector projects took place during the fair.

He mentioned Canada, Germany, Japan, Portugal and Turkey among nations interested in investing in the sector, as well as representatives from U.S. companies, who also explored existing opportunities despite restrictions stemming from the economic, commercial and financial blockade imposed on the island by Washington.

Other potential projects included in the newest version of the portfolio range from the modernization of construction and assembly engineering systems, to the manufacture of flat sheets, wooden structures and plaster-based products.

It also includes an initiative to build the Bellomonte tourist golf complex, located in the La Habana del Este municipality, which features courses, hotels, retail areas, a luxury spa and other infrastructure works.

Meanwhile, the document also features a joint venture in the ZEDM to produce marble slabs in order to boost, diversify and market products made of Jaimanitas and Cape­llanía stone, as well as black Cabaña marble.

According to Vega Almaguer, the Construction and Assembly OSDE, one of three affiliated with the Ministry of Construction, includes 77 enterprises nationwide, which are currently undertaking around 200 works.


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