Cuba woos Saudi investors
Posted by Saudi Gazette
By Shahid Ali Khan
Tuesday, 26 January 2010 - 10 Safar 1431 H

RIYADH - Cuban Deputy Minister of Foreign Affairs, Marcos Rodriguez Costa is inviting Saudis to invest in his country that offers lucrative returns to foreign investors.

Costa, who arrived in Riyadh on Saturday on an official visit to Saudi Arabia made a detailed presentation at Riyadh Chamber of Commerce and Industry (RCCI) Monday highlighting business and investment opportunities in Cuba.

Saad Bin Ibrahim Al-Maoja, vice-chairman, RCCI Board of Directors and a number of Saudi businessmen were present in the presentation.

The Cuban deputy minister has identified a number of sectors for Saudis to invest in Cuba. He said the priority foreign investment sector in Cuba include oil and mining, energy, packaging industry, chemicals, tourism, sugarcane and related products and glass production.

Costa underlined the Cuban business environment citing highly skilled labor, saying that the country’s social and political stability are factors that offer foreign investors a lucrative environment for investments.

He said Cuba’s integration with Latin America and the Caribbean region offers an added advantage to the investors.

Saudis can also invest in Cuba’s priority projects including electro-energetic, hydraulics and in sectors such as construction, healthcare, renewable energy, transport and number of food programs.

Cuba follows international practices in its foreign trade and nearly 668 foreign companies have been represented permanently in Cuba, he said.

“It is not required to have a branch office or to be registered in Cuba to carry out trade operations with domestic entities,” he said.

He said Cuba has eased procedures and regulations for foreign investors, adding that Cuba has no import license system and import prohibitions apply only to related psychotropic substances and drugs.

The foreign investors can follow simple procedures to invest in Cuba which include identification of area of investment, getting letter of intent, documentation and among other things.

“Cuba offers safety for expatriate workforce while the Cuban government has been engaged for the promotion of R&D for technology innovation and applications,” he said.

He said Cuba is hosting 18th International Trade Fair from Nov.1 to 6 and invited to Saudis to come and participate in the event.

Cuba has a population of 11.2 million inhabitants and the country’s official language is Spanish, with an adult literacy rate of 98 percent and unemployment rate at only 1.6 percent.

Cuba offers tax-free repatriation to investors’ dividends while the country levies 30 percent income tax and 25 percent tax payroll. - SG