Investments in 2023 Highlight a Boom in Cuba's Energy and Mining Sectors

Olivia Martin y Herrera
April 22, 2024
3 minutes

The latest report from the National Office of Statistics and Information (ONEI) presents a promising scenario for investments in Cuba throughout 2023, with special emphasis on critical sectors such as oil, gas, and mining. Investment in construction and assembly has risen by 16.03%, reaching 47,842 million pesos, indicative of the nation's ongoing dedication to infrastructure expansion. Furthermore, investment in equipment has seen a remarkable surge of 85.14%, amounting to 37,514.2 million pesos, signaling a robust push towards technological advancement and productivity enhancement.

An additional 11,265.8 million pesos have been directed towards other areas including environmental and technological studies, as well as improvements in agriculture and livestock. This varied investment approach underscores a comprehensive strategy aimed at bolstering various facets of the Cuban economy. With the support of Law No. 118 and its regulations, foreign investment remains a priority, offering incentives like sector-specific policies and strategic geographical positioning to reinforce the country’s commitment to long-term economic and social progression.

In conclusion, the 2023 investment landscape in Cuba demonstrates robust growth across key sectors, fueled by significant enhancements in construction, equipment, and other areas. These developments affirm a strong commitment to modernization and efficiency, creating an inviting environment for foreign investors. With a strategic approach and favorable policies, Cuba is poised to solidify its global economic status and improve its citizens' well-being.

No spam. Just the latest releases and tips, interesting articles, and exclusive interviews in your inbox every week.