Cuba encourages novel foreign investment projects in the Telecommunications sector
In order to develop computer programs and applications and encourage innovation and technological development in the country, four new foreign investment projects in the area of telecommunications and information technology are promoted in the Portfolio of Opportunities 2020-2021.
The initiatives for foreign capital in this area are the creation of a Call Center for the export of services, the establishment of an Information Technology Service Center, the construction of network infrastructure and the modernization of postal graphics.
Carlos Luis Jorge Méndez, general director of Foreign Investment in the Caribbean nation, highlighted in a Round Table program referring to the impact of the Ordinance Task on that branch of foreign trade, that the new decisions favor this activity in Cuba, and will be attractive because the investor will perform in a more transparent economic environment, in which distortions are eliminated.
This funding will also be used to create science-technology parks, facilities for international certification of services, support modalities and online technical assistance, as well as the promotion of new technologies and spaces for research and software development. In the case of postal services, foreign investment will seek to raise the quality and commercialization of national and international couriers, through the development and updating of technologies for the processing, distribution and delivery of postal parcels, express parcels and postcard graphic.
To support the implementation of the Comprehensive Policy for the improvement of the Computerization of the Cuban Society, the possible financial support for the construction of the network infrastructure would guarantee the broadband connectivity required by the country in the next 10 years.
The Opportunity Portfolio excludes foreign participation in telecommunications operation and marketing services. Similarly, no company within the sector may host totally foreign capital, with the exception of those businesses aimed at the development of Information and Communication Technologies, located in science and technology parks.
The Telecommunications sector is a fundamental line in the Cuban economy, to which is added the high scientific-technical potential of its workers, who are linked, among other things, to the production of software and applications based on the development of society, security and technological sovereignty of the Island. Download the Portfolio of Investment Opportunities of Cuba for 2020-2021