Cuba reports 1.8 pct drop in investment in first half 2014

Cuba reports 1.8 pct drop in investment in first half 2014
English.news.cn 2014-09-21 10:55:03

HAVANA, Sept. 20 (Xinhua) -- Investments in Cuba decreased by 1.8
percent in the first half of 2014, resulting in a low growth of 0.6
percent of the country's Gross Domestic Product (GDP), said a report by
the National Statistics Bureau (NBS).

The NBS release said the investments from January to June this year
reached 1.9 billion U.S. dollars, 98.2 percent of those in the same
period of 2013.

NBS said the largest investments were made in business services and real
estate activities, electricity, as well as gas and water.

Minister of Foreign Trade and Investment Rodrigo Malmierca said in March
that the island needed about 2 billion U.S. dollars in foreign
investment to revive its economy.

According to the minister, the country had to grow at 7 percent of GDP
for real development, which meant 2 billion to 2.5 billion U.S. dollars
in foreign investment every year.

Cuba in March adopted a new law on foreign investment, stipulating
exemption of profit taxes for foreign investors in eight years.

Source: Cuba reports 1.8 pct drop in investment in first half 2014 -
Xinhua | English.news.cn -
http://news.xinhuanet.com/english/business/2014-09/21/c_133659550.htm