July 9, 2012 (TSR) – Cuba is working on changes of Law 77 on the participation of  foreign capital, said on Thursday in Havana Yamila Fernandez, director for Finances of the  Foreign Ministry for Foreign Trade and Investment (MINCEX).

Fernandez pointed out that a new law should be enacted before December, 2012, while addressing participants in a panel on the Cuban economic model, held in the final session of the 8th International Meeting on Accountancy, Audit and Finances.

Likewise, she said that efforts are being made for the preparation and updating of the portfolio of projects and businesses with foreign capital, with adequate studies of pre-feasibility.

In this regard, she insisted that foreign investment will continue to be supported, as a complement to national investment efforts, with emphasis on prioritized sectors.

This activity should favor access to technologies, contribute financing and access to markets, and generate jobs, added the speaker in the presence of experts from some 30 nations gathered at Havana’s Convention Center.

The official also stressed that concentration of purchases started in 2011, in order to improve this capacity in the country and influence the balance of trade favorable, by way of the reduction of imports.

On the other hand, she reiterated that, for the island, food production is a strategic issue, so suburban development of agricultural and livestock production and credit opportunities for farmers are vital, among other steps.


Ricardo Alarcon and Salvador Valdes, president of the National Assembly of the People’s Power (Parliament) and General Secretary of the Confederation of Cuban Workers, respectively, the two of them members of the Politburo of the Cuban Communist Party, presided over the swearing in ceremony of the CEN members.

Alarcon described as a great political battle these elections, which will reaffirm the  superiority of a model of real democracy.

The CEN, which will lead the process to choose the delegates to the municipal and provincial assemblies and the deputies to the National Assembly of the People’s Power, is composed of a president (Alina Balseiro), a vice-president (Rosa Cherro), a secretary (Ruben Perez) and 14 members (Caridad Alvarez, Tomás Amaran, Maria Esther Bacallao, Armando Barrera, Ariel Mantecon, Juan Mendoza, Raul Vantroi, Magalys Piñeiro, Leonides Rodriguez, Heriberto Rosabal, Luis Sola, Julio A. Torres, Minerva Valdes and Joselin Sanchez).



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