Russian presidential commissioner: “Cuba is ready to attract more investments”

Cuban authorities are ready to provide more favorable conditions for Russian investors, Russian presidential commissioner for the protection of entrepreneurs’ rights Boris Titov said.

“Cuba is transforming, mastering new rules for interaction between the state and business. Cuban authorities are ready to provide special conditions for Russian entrepreneurs,” Titov said at the opening of the Cuba-Russia Business Economic Forum held in Havana.

The most favorable conditions, he explained, “concern both long-term leasing of land and duty-free import of agricultural machinery, granting the right to transfer profits in foreign currency, and much more.”

“Of course, we are also waiting for the reduction of bureaucratic barriers,” he noted.

On the issue of problems, Titov especially highlighted those of transportation and stressed that now, Cuba and Russia are working together to “establish permanent sea lines for the supply of goods.”

“We are discussing subsidized loans from the Russian government, but the main thing is that the road is open for investors!” he emphasized.

Finally, he added that three Russian banks have already applied for registration of their branches in Cuba.

A total of 158 companies, 52 Russian and 106 Cuban, are participating in the Cuba-Russia Business Economic Forum, which takes place on May 18-19.

With information from Sputnik

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