Radio26.Cu – Matanzas, Cuba


Foreign Trade Vice Minister calls for better use of the potential of Matanzas for foreign investment.

Tamara Caridad Mesa González 25 septiembre, 2018

Making the most of the economic potential of the province of Matanzas for the conclusion of business with foreign companies, the substitution of imports and the increase of exports is a matter of vital importance for the economic development of the territory, said Roberto López Hernández, vice minister of Foreign Trade and Foreign Investment.


«Matanzas registers an increase of economic activities with foreign partners, mainly in tourism, which is understandable for having a pole like Varadero. In this sense, plans are made that report large benefits and the expected results. However, this is a region with possibilities in agriculture, in local production, in the extraction and processing of hydrocarbons and their derivatives, in the manufacture of sugar, areas where much more could be done «.

The Matanzas Fuel Trading Company has the largest storage capacity in Cuba and receives 99 percent of the national crude oil production by pipeline and pails.

The official stressed the need to streamline, as far as possible, the processes of negotiations affected by bureaucracy and even ignorance and prejudice about the issue. «Aware of the importance of preserving in essence the Foreign Investment Law for the security that provides investors with a stable legal body, only a few regulations were modified last August. These changes pursue the streamlining of processes, because the delay of contracts and the ignorance of some businessmen in these matters greatly hinder this commitment «.

The meeting revealed that some five organisms in the area produce for export, among them, dependencies of Azcuba and the Ministry of Agriculture. However, the production of exportable items such as sugar and scrap in stainless steel, copper, aluminum and bronze is not fulfilled.

On the other hand, the export of medical services behaves favorably and, until the end of July of this year, it reported income of more than two million dollars. However, the academic, teaching and scientific events services do not reach the proposed goals.

Several productions of the Agribusiness Company Victoria de Girón and  Industrial Pescamat, for their quality and conditions, make up the portfolio of projects to be achieved in medium and long terms.

Regarding foreign investment, possibilities are identified in the Agricultural Company Vladimir I. Lenin and for the modernization of the yogurt factory Paraíso, of the Producer and Marketing Company of Biopharmaceuticals. There are also opportunities for the development of extra-hotel facilities such as the Plaza América complex and the Aquatic and Josone parks.

It was also reported that there are currently operating businesses related to the development of Prosa sanitary paper, to the management of the Meliá Varadero, Meliá Las Américas and Sol Palmeras hotels, as well as the Energás S.A plant.

At about  51 projects of international economic collaboration are executed, among which the rehabilitation of networks, aqueduct, sewerage and sanitation in the city of Cárdenas, financed by the Saudi Fund for Development, and the Jesús Rabí bioelectric plant, with the support of the People’s Republic of China.

«In a country like ours, foreign capital is fundamental. Today we face great problems with the collection of foreign currency, which in turn stops growth in almost all sectors of the economy, since investments are necessarily required to facilitate financing, technology or access to the market. This cannot be feared, we must promote it with total intention, «he concluded.


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