Author Name: Carribean Channel, Cuba TV.
This story was originally published on canalcaribe.ict.cu. [1]
The investment process in Cuba is revitalized
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Date: 2021-11
The investment process in Cuba has been energized in recent years. Thus it transpired at the Round Table on Tuesday where Adonis Núñez Fonseca, deputy minister of the Ministry of Economy and Planning explained that investments last year accounted for 19 percent of contribution to the Gross Domestic Product amid the country’s financial constraints and the resurgence of the US blockade against the country.
It is estimated that last year closed with more than 10 thousand 200 million pesos for this concept, which represents about 80 percent of the planned although there was a growth compared to 2018, he said in the television program.
The manager said that since decree 327 was approved in 2014, this activity has undergone a positive evolution from the disaggregation of the power of execution to the municipal level and business units, taking into account the priorities of the development plan until 2030 and the priority sectors and programs of the country.
The country needs investments that represent between 20 and 30% of GDP He added that experts say that in order to achieve development, the country needs investments that represent between 20 and 30 percent of GDP, a figure that is still far from the reality of the Cuban economy subject to financial constraints, the persecution of the US blockade and its own construction capacity of the country.
Núñez Fonseca said the plan has focused on the growth of cement, wood and steel production as well as projects that generate exports or substitute imports in sectors such as energy, food production, housing and impact works Social. He added that there is also a broader policy with local development projects associated with endogenous productions that generate resources to be sustainable.
Investments must have the expected return The vice minister stressed that the investment process in Cuba is not going to make big leaps but he needs the investments made to have the expected return so that they do not cause damage to the economy.
In that sense Manuel Álvarez Campos, director of Investments of the Ministry of Economy and Planning, pointed out among the main deficiencies of the control carried out last year the poor preparation, the quality of the works, the breach of the execution programs and the low yields, for which it works in a better training of the entities that function as investors.Among the most important works in 2019 the director pointed out the more than five thousand 600 rooms for tourism, 44 thousand 500 finished homes, the more than three thousand 450 hectares insured under irrigation, the increase in fuel storage capacity and vaccine production, as well as the 40 kilometers of networks restored in the hydraulic infrastructure. Roberto Pérez Pérez, Deputy Minister of Economy and Planning, referred to the behavior of this plan in the agribusiness sector, one of the most complex for its comprehensiveness, the diversity of actors involved and the technological obsolescence that goes from the primary level Until the commercialization.
He explained that although investments that generate exports or substitute imports are prioritized in the country, there are several examples that show that the plan is flexible and can be oriented towards activities that cause productive chains within the economy or have a high social impact.
(C) Cuba TV, Cuban state owned media.
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