Cuba is looking to do business with more foreign companies

(Image credit: Spencer Platt/Getty Images)

published 9 April 2015

Cuba's foreign trade minister said on Thursday that North and South American companies are welcome to discuss with the government setting up shop on the island.

Rodrigo Malmierca met with foreign business leaders in Panama, a day before the Summit of the Americas, and remarked that Cuba wants $2.5 billion in foreign direct investment. "We recognize the importance of international insertion into our economy to diversify our foreign trade, increase access to foreign financing and increasing the participation of foreign capital in the Cuban economy," he said. "We are convinced the countries of the region will accompany Cuba in these endeavors."

Last year, Cuba approved a foreign investment law offering hefty tax cuts and investment security in an attempt to bring in capital. Areas that are considered favorable for investment include agriculture, sugar, nickel mining, building renovation, infrastructure, and real estate development, Reuters reports. Interest in doing business in Cuba has increased since the announcement late last year that President Obama and Cuba's President Raul Castro would restore diplomatic relations.