Cuba seeks to attract foreign investment without privatizing economy: official

Cuba's bid to attract foreign investors won't mean "accelerated privatization" of the national economy, but instead lead to a "prosperous and sustainable socialism," an official said on Friday.

The goal is not to "sell the country," but to attract investors whose projects are "consistent with our public policy" and are beneficial for the nation, said Deborah Rivas, the director general for foreign investment, quoted by the official daily newspaper Granma.

She said that Cuba now offers more than 300 projects for investment, with priority in agriculture. Cuba is seeking to attract 2.5 billion U.S. dollars a year in foreign investment.

Rivas noted that the over-half-century U.S. blockade against Cuba has been the main obstacle to attracting foreign capital.

Since Law 118 on Foreign Investment in Cuba came into force in June 2014, more than 20 contracts have been signed to build new hotels or resorts, the official noted.

She also highlighted the creation of joint ventures and the signing of contracts in crucial areas, such as oil exploitation.

At present, the country has more than 200 businesses established with foreign capital, including 35 that came after the new law, she noted, adding that most capital is from Canada and Europe, its main source of investment.