A possible recovery of Cuba’s sugar industry through foreign investment is discussed in the following report from IPS:

Foreign direct investment in the sugar industry is acceptable to the Cuban government for producing alcohol and other derivatives, but it continues to be a topic that the authorities prefer not to talk about, at least in public, although experts regard it as desirable for the recovery of the industry.

At present there are seven joint ventures involving capital from Spain, Italy, Canada and Mexico, all of which concentrate on the diversification of the sugar industry, Liobel Pérez, the Sugar Ministry’s chief communications officer, told IPS.

Pérez said six of the joint ventures between Cuban and foreign capital are based in this Caribbean island nation, and one is based in Mexico, where it markets technological expertise and technical assistance for optimising sustainable sugar production.

Discreet approaches made some two years ago by foreign companies interested in investing in sugar production did not prosper. “Conversations were held, but they did not produce concrete results,” Deputy Minister Juan Godefoy of the Sugar Ministry responded to an enquiry by IPS, without elaborating. [Read more →]

Sphere: Related Content

Tags: canada, Caribbean, China, Cuban Government, derivatives, diversification, East European, foreign direct investment, Italy, Mexico, Spain, sugar harvest, sugar industry, sugar mills, sugarcane, sustainable sugar production, Venezuela

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