Cuba said on Wednesday the country had attracted $1.7 billion worth of foreign i...
HAVANA - Cuba said on Wednesday the country had attracted $1.7 billion worth of foreign investment over the past year despite a tighter U.S. trade embargo and worsening cash crunch, although it did not reach its goal of $2 billion to $2.5 billion annually.
Cuba’s Communist government passed a new foreign investment law five years ago and created a special economic zone just west of Havana boasting tax and customs breaks with the hope of attracting more foreign capital to boost its ailing state-dominated economy. But Cuba’s economy has lost some appeal in recent years as it has entered a crisis due to the implosion of key ally Venezuela and a resulting decline in subsidies. Over the past year, there have been shortages of everything from fuel to medicine and certain foodstuffs.
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