00:03The 176 economic and social reforms approved by Cuba have a direct impact on foreign investment.
00:10Regulatory procedures are being simplified, new sectors are being opened up and access to property is being expanded.
00:18Our correspondent Evelyn Leyva has more details.
00:22The package of 176 reforms boosts foreign investment.
00:26For the first time, partnerships between national private entrepreneurs and foreign capital are permitted.
00:32Private companies will be able to engage in direct foreign trade without intermediaries.
00:36Cuba seeks to attract foreign currency and technology in a context marked by the US blockade.
00:42The possibility for private entrepreneurs to form partnerships with foreign capital could be a path that leads to interesting growth
00:49dynamics.
00:50We believe this is an important development that will generate momentum in the economy.
00:54The opportunity for private companies to engage directly in foreign trade will simplify many administrative procedures and bureaucratic processes.
01:05For these measures to be successful, the country needs foreign currency and must expand the production capacities of its supply
01:12chains.
01:12Cuba needs foreign currency.
01:16If we need fuel, we need access to technology, we need access to sources to purchase certain inputs that are
01:21not produced in Cuba, who's going to do it?
01:23It has to be the Cuban business community.
01:26And the Cuban business community today is made up of all actors in economy, whether private or state-owned.
01:31And that is one of the major transformations recently approved by the National Assembly, which we must now implement.
01:40The new portfolio of opportunities presented by the Cuban government includes 426 investment projects throughout the country, with a total
01:47value exceeding $30 billion.
01:49The most well-represented sectors are oil, tourism, the sugar industry, food production, biopharmaceuticals, general manufacturing and mining.
01:57The challenge is not only to attract capital, but also to bring projects to fruition and foster regional development.
02:05When there are many aspects to consider in transformations but few solutions, then you have to support it with regulations,
02:13with initiatives, even with development funds and financing, so that municipalities can get off the ground on their own.
02:23The Cuban business community is also preparing for the new landscape.
02:26For Cuba, the Export Promotion Office identifies market knowledge as the main challenge for domestic producers to successfully enter foreign
02:33trade.
02:37To export, you have to be prepared.
02:39You often have to redesign the concepts behind the products and services.
02:42And you have to understand how it all works, not only the regulations governing foreign trade, but also how the
02:47markets where we want to sell those products function.
02:50So I think that is the main challenge.
02:52With these transformations, Cuba is committed to involving all economic actors in attracting foreign investment.
02:59The numbers show progress, but they also highlight the challenges ahead, turning projects into productive realities and ensuring that resources
03:05reach the municipalities.
03:09Evelyn Levy, Javier Campanería, Telesur, La Habana, Cuba.
