Cuba’s exports might grow by 630 million dollars in 2024

[El Presidente]

https://www.plenglish.com/news/2023/12/20/cubas-exports-might-grow-by-630-million-dollars-in-2024/

Havana, Dec 20 (Prensa Latina) Cuban authorities have predicted exports of 9.7 billion dollars in 2024, a figure that is higher than the 2023 estimate, but it is still lower than what was achieved in 2019, Minister of Economy Alejandro Gil said on Wednesday.

 

Speaking at the 2nd Sessions of the 10th Legislature of the National People’s Power Assembly (Parliament), the minister explained that the prediction implies a 630-million-dollar increase compared to 2023 estimates, thanks to an increase of 230 million dollars in the export of goods, and 400 million dollars in the exports of services.

In the case of the former, growth should be recorded in cigars, nickel and cobalt, raw sugar and rum, to reach a total of 2.385 billion dollars in sales of Cuban goods; while services should reach 7.31 billion dollars, with the main increases in tourism and airport services.

Regarding tourism, he reiterated the goal of receiving 3.1 million vacationers in 2024, which would represent an increase of 27 percent compared to the 2003 estimates, which should close the year with around 2.45 million holidaymakers, according to statistics disclosed by the Cuban Parliament.

Gil indicated that this expected figure next year would be equivalent to 73 percent of what was reported in 2019, so there is still potential and reserve for the growth of the sector, which has an impact on the entire chain of the economy.

Along the same lines, he stated that authorities plan a 29-percent increase in tourist income a day compared to this year.

[El Presidente]

.....It is a complete mystery to me why they are having trouble attracting investment 

 

Cuba has no expected results in foreign investment

Havana, Dec 19 (Prensa Latina) Cuba still does not have the expected results of foreign investment, despite the decision to ramp up the participation of that sector in the country's economic and social development.

• December 20, 2023

 

 

 

 

 

 

 

 

 

This was stated by the First Deputy Minister of Foreign Trade and Foreign Investment Ana Teresita Gonzalez as she spoke out at the Economic Affairs Commission, which is being held prior to the second session of the National Assembly of People’s Power -Parliament.

Gonzalez pointed out that there is a clear diagnosis of the problems and shortcomings that hinder the progress of foreign investment, so efforts should focus on taking the proposed actions for their solution.

The deputy minister reminded that the industry is posing several challenges, among which are the effects of the US blockade, high volumes of retained payments, deficit of construction materials, as well as the aftermaths on the fuels supply.

At the end of 2023, there are 343 active businesses in Cuba with investors from 40 countries, with presence in all the provinces and the special municipality of Isla de la Juventud, the authority informed.

Of the total approved, 181 correspond to International Economic Partnership deals, 106 to joint ventures and 56 to totally foreign capital companies.