Cuba woos Chinese investment with special development zone

Cuban Foreign Trade and Investment Minister Rodrigo Malmierca said on Wednesday that Cuba welcomes Chinese investment in its first special development zone.

The zone, due to open in Mariel Bay in November, will grant foreign businesses preferential tax treatment, including an exemption from corporate income tax for 10 years, said Malmierca during a tour designed to promote the zone.

"China is our first leg in international promotion, as Cuba and China boast long-term friendship and good cooperation" he said.

The minister briefed the Chinese business community on features of the Mariel Special Development Zone and invited interested and competitive Chinese companies to come there.

According to Malmierca, development of biological technology, medicine, renewable energy, telecommunication, food processing, tourism and real estate sectors will be given priority under the project.

Located 45 km west of the capital of Havana, the zone covers 465 square km. It is expected to be a hub for Cuba's foreign trade, given that it has the country's largest port, largest container terminal, new warehouses, industrial parks and oil wharfs.

The Mariel Special Development Zone is among a slew of ongoing policy measures introduced by Cuba to push for economic reforms, lure foreign investment and technology, and further open its economy to the outside world.