InfoAnda - Cuba struggles with foreign investment, growth |

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

China to tighten monetary policy in 2011: Xinhua | 3 December 2010
Global warming could unleash ocean 'dead zones': study | 26 January 2009
Sudan police fire teargas at student protest | | 12 December 2012

Pfizer set to acquire rival Wyeth: reports | 26 January 2009

Forum Views () Forum Replies ()

Read more with google mobile : Cuba struggles with foreign investment, growth |

Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Home Business Business Home Economy Technology Media Small Business Legal Deals Earnings Social Pulse Business Video The Freeland File Aerospace & Defense Markets Markets Home U.S. Markets European Markets Asian Markets Global Market Data Indices M&A Stocks Bonds Currencies Commodities Futures Funds peHUB World World Home U.S. Brazil China Euro Zone Japan Mexico Russia India Insight World Video Reuters Investigates Decoder Politics Politics Home Election 2012 Campaign Polling Political Punchlines Supreme Court Politics Video Tech Technology Home MediaFile Science Tech Video Tech Tonic Social Pulse Opinion Opinion Home Chrystia Freeland John Lloyd Felix Salmon Jack Shafer David Rohde Bernd Debusmann Nader Mousavizadeh Lucy P. Marcus David Cay Johnston Bethany McLean Anatole Kaletsky Edward Hadas Hugo Dixon Ian Bremmer Lawrence Summers Susan Glasser The Great Debate Steven Brill Jack & Suzy Welch Frederick Kempe Christopher Papagianis Mark Leonard Reihan Salam Breakingviews Equities Credit Private Equity M&A Macro & Markets Politics Breakingviews Video Money Money Home Tax Break Lipper Awards 2012 Global Investing MuniLand Unstructured Finance Linda Stern Mark Miller John Wasik James Saft Analyst Research Alerts Watchlist Portfolio Stock Screener Fund Screener Personal Finance Video Money Clip Investing 201 Life Health Sports Arts Faithworld Business Traveler Entertainment Oddly Enough Lifestyle Video Pictures Pictures Home Reuters Photographers Full Focus Video Reuters TV Reuters News Article Comments (0) Full Focus Editor's choice Our top photos from the past 24 hours. Full Article Images of August Follow Reuters Facebook Twitter RSS YouTube Read Simon Cowell lashes out over "Voice," "X Factor" showdown 06 Sep 2012 Job growth cools, posing challenge for Obama, Fed 5:54pm EDT Family feud one theory in French Alps murder probe 3:05pm EDT Chicago braces for first teacher strike in a generation 5:30pm EDT Did Obama's speech play fast and loose with the facts? 1:30pm EDT Discussed 84 Democrats attack Romney, defend Obama at convention 81 Obama, Democrats to make their case as convention opens 78 At Jackson Hole, a growing fear for Fed’s independence Sponsored Links Cuba struggles with foreign investment, growth Tweet Share this Email Print Related News Tropical Storm Isaac drenches Haiti, swipes Cuba Sat, Aug 25 2012 Related Topics World » Cuba » A man with a private license to sell vegetables pushes his cart on a street in Havana February 29, 2012. Credit: Reuters/Enrique de la Osa By Marc Frank HAVANA | Fri Sep 7, 2012 4:20pm EDT HAVANA (Reuters) - Cuba's failure to encourage more foreign investment is crippling its economic performance and putting its goal of sustainable growth in danger unless changes are made, local experts and diplomats said this week. The communist island is in the midst of market-oriented reforms to its Soviet-style system that supposedly will make the island more investor friendly, but potential investors say the Cubans have not yet put out much of a welcoming mat. The National Statistics Office said this week that investment by Cuba and its foreign partners was 4.3 billion pesos in 2011, just 100 million pesos more than the previous year. The 2011 figure is equivalent to 15.9 percent of Gross Domestic Product, which is an improvement over recent years, but far below what the country needs, according to a local economist. Omar Everleny, head of the University of Havana's Center for the Study of the Cuban Economy, said earlier this year that Cuba had averaged investment, or what he called "gross fixed capital formation," of just 13 percent in recent years, compared with an average of 23 percent in the rest of Latin America and the Caribbean. Cuba needed to "sustain a higher rate of investment," he said in a presentation at a closed door seminar, a copy of which was obtained by Reuters. Everleny argued that only foreign investment could close the gap, given the country's longstanding financial difficulties. "International experience shows that countries that have achieved significant growth and improvement of their infrastructure and standard of living have had investment rates of not less than 30 percent of the GDP, with significant support of direct foreign investment," he said. The Cuban economy grew 2.7 percent last year and 2.4 percent in 2010, lagging well behind the region. FOREIGN FRUSTRATION Cuba's investment reform plan announced last year spoke positively of foreign investment, promised a review of the cumbersome approval process and stated that special economic zones, joint venture golf courses, marinas and new manufacturing projects were planned. But there have been more promises than changes and many obstacles to foreign investment remain, diplomats said. A number of countries and their companies, from China, Russia and Brazil to Singapore and various European Union members, have expressed interest in investing in Cuba despite the U.S. trade embargo against the island, but to no avail. They said the government is demanding a majority interest in all joint ventures and is dragging its heels or obfuscating in negotiations. Part of the problem is Cuban concern about maintaining its independence and sovereignty, said a diplomat from a friendly Latin American country. "The Cubans have an ideological problem, and it's not Communism, but nationalism," he told Reuters "Our companies are simply not interested in only minority shares, which is all they offer ... then they go around boasting about how no foreign company owns a piece of their country," he said. It is a complaint shared by many others, who said the Cubans were insisting on 51 percent ownership of new ventures, which companies do not want because they effectively lose control. Another diplomat from a European country said even signed agreements languish because of the difficulty of finalizing details, whether it be due to lack of government clarity or changes it wants to make. "We signed an important agreement three years ago and it's gotten nowhere," the diplomat said, blaming the delay on issues such as Cuba's two parallel exchange rates. "When you get down to details with them, the outcome gets hazier and hazier," he said. Another diplomat, from Asia, said it is also clear that the slow-moving government is a long way from turning its plans into reality. He said his government had recently approached the Cubans about putting businesses in the promised special economic zones, only to be told to come back later after a law governing them was approved. (Reporting By Marc Frank; Editing by Jeff Franks, David Adams, Gary Hill) World Cuba Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above. Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use AdChoices Copyright Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

Other News on Saturday, 8 September 2012
Canada closes embassy in Iran, to expel Iranian diplomats |
Insight: Minority militias stir fears of sectarian war in Damascus |
Cuba struggles with foreign investment, growth |
Nigerian Islamists claim phone network sabotage |
Russian punk band torches Putin portrait in video, Walesa weighs in |
Bolivia says Washington won't extradite former leader |
Obama's speech stirs record response on Twitter |
Google buys cybersecurity startup VirusTotal |
Intel seeks software experts in growing Windows tablet push |
Shares of Fidelity-backed software company shine after IPO |
Royals to attend James Bond Skyfall world premiere |
Toronto Film Fest showcases literary tried and true |
Eastwood calls Republican speech unorthodox, dismisses critics |
Russian punk band torches Putin portrait in video, Walesa weighs in |
Porcelain, jade, ceramics highlight NY Asian art sales |
China sounds alarm on global economy at APEC summit |
Suicide bomber kills four near NATO headquarter in Kabul |
Bombardment, blasts rock Syrian capital |
Rescuers focus on remote areas as China quake toll at 80 |
Clinton sees Russia trade move soon, at odds on Syria |
Landslides, floods kill 29 in Vietnam: media |
Mexico detains man accused in Fast and Furious gun-running killing |
Amazon's new high-end tablet lacks FCC approval for sale |
China's Alibaba to pass Amazon, eBay in transaction value: executive |
Cyber attacks grow increasingly reckless, official says |
Venice festival ends, U.S., Korea films vie for award |
Leisure-oriented looks hit runways at New York Fashion Week |
Snoop drops the Dogg, aims for reggae style |
Eastwood tells paper speech critics are on the left |
Egypt, Israel coordinating on Sinai security sweep: army |
Pakistan blasphemy girl in dramatic prison release by helicopter |
German opposition says Swiss concession not enough for tax deal |
Hong Kong backs down on China-backed education plan after protests |
France's richest man applies to be Belgian, says not a tax move |
Niger says international aid for flood victims stolen |
EU says Microsoft pledged to meet antitrust requests on browsers |
David Spade looks to life beyond 'Rules of Engagement' |
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01