Cuban special economic zone shows promising economic future
MARIEL – After a little over four years of operations, the Special Development Zone, located in the western Cuban harbour of Mariel, is on the way to becoming a promising platform for foreign investment projects in the region.
Although the zone has not experienced yet a development pace as fast as desired, it has begun to consolidate its performance aimed at replacing imports, increasing sales on the world market and creating new jobs, all linked to the local economy.
So far, the zone has reported a total investment sum of $1.2 billion, with the creation of 888 new jobs.
At present, 34 users from 16 countries, including Cuba, operate in the zone, which has relations with nine multi-national companies. The companies operating include five Cuban entities, 19 foreign capital firms, eight joint ventures and two international economic associations.
On the works are ten projects in the areas of industry, biotechnology and pharmaceuticals, logistics, construction, transport, agri-business and real estate.
The development of a high-standard infrastructure has been a priority at the zone, with the Cuban state having invested about $300 million annually.
Meanwhile, priorities for 2018 include the increase in the number of users at the zone; the implementation of ongoing construction works so that such projects start operating, producing and getting their expected results, as it’s been the case of other successful projects, which can now reinvest capital in the Cuban zone.