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Cuba to attend OAS business forum for foreign investment

Xinhua, April 6, 2015 Adjust font size:

Cuba will attend the business forum of the upcoming 7th Summit of the Organization of American States (OAS) with an eye to vitalizing its economy with more foreign investment, a Cuban official confirmed on Monday.

"Attracting foreign capital requires more management on our side," Foreign Trade and Investment Minister Rodrigo Malmierca was quoted by the State-run Granma daily newspaper as saying.

Noting that Cuba enacted a new foreign investment law last year to attract more foreign capital for development, Malmierca said, "It is not enough just to create conditions and a favorable climate for this purpose."

The presence of Cuba in the hemispheric summit will show possibilities to develop economic and business relations with the Caribbean nation, according to Malmierca.

The minister also noted Cuba's new economic development zone at Mariel Port, which comprises a mega deep-water port located 50 km west of Havana, and an industrial park designed to attract international industries interested in gaining a foothold or expanding their businesses in the Caribbean.

The zone is established not only to attract foreign investment, but also to serve as a gate for bringing in advanced technologies and exploring new export markets, Malmierca said.

The 7th OAS Summit will be held in Panama on April 10-11, bringing together leaders of countries in North America, Central America, South America and the Caribbean. Endi