Cuba's New Economic Policy

[Louis N Proyect <lnp3@xxxxxxxxxxxx>]

Statement on new law in Cuba that permits foreign investment (From the
Cuba WWW page:)

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The Aim of the Law is to Promote and Provide Incentives for Foreign
Investment within our National Territory

This Law Confirms the Seriousness with which Cuba is Pursuing its Policy
of Opening Up to Foreign Investment

I, RICARDO ALARCON DE QUESADA, President of the Republic of Cuba's National
Assembly of the People's Power,

LET IT BE KNOWN: That the Republic of Cuba's National Assembly of the
People's Power, in session on September 5th, 1995, during the Fifth Regular
Session of the Fourth Legislature, has approved the following:

WHEREAS: In today's world, without the existence of the socialist bloc,
with a globalizing world economy and strong hegemonistic tendencies in the
economic, political and military fields, Cuba, in order to preserve its
accomplishments despite the fierce blockade to which it is subjected;
lacking capital, certain kinds of technology and often markets and in need
of restructuring its industry, can benefit from foreign investment on the
basis of the strictest respect for national independence and sovereignty,
given that such investment can usher in the introduction of innovative and
advanced technology, the modernization of its industries, greater
efficiency in production, the creation of new jobs, improvement in the
quality of the products and services it offers, cost reduction, greater
competitiveness abroad, and access to certain markets, which as a whole
would reinforce the efforts the country must undertake for its economic and
social development.

WHEREAS: The Constitution of the Republic, as it was modified in 1992,
recognizes among other forms of property, joint ventures, companies and
economic associations which are established in conformity with the law and,
in regard to state property and in exceptional cases, when such action is
deemed useful and necessary for the country, provides for the partial or
total transference of ownership of economic objectives with the goal of
developing them.

WHEREAS: The changes taking place in the national economy, aimed at
actively promoting and boosting the investment of foreign capital in Cuba
and broadening the possibilities in terms of the forms and areas of
investment, among other essential factors, surpass the legal possibilities
offered until now by Decree-Law No. 50, «On Economic Association among
Cuban and Foreign Entities,» approved on February 15, 1982.

WHEREAS: In order to broaden and facilitate foreign participation in the
nation's economy, it is convenient to adopt new legislation that may
provide greater security and guarantees to the foreign investor and allow
the country to obtain financial resources, technology and new markets in
any productive sector and in the service sector in which mutual interests
have been identified, for the fundamental purpose of achieving sustainable
development in the country and recovery of the national economy.

THEREFORE: The National Assembly of the People's Power, making use of the
authority conferred upon it by Article 75, paragraph b) of the Constitution
of the Republic, resolves to issue the following



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