Cuba deepens economic reform and encourages more FDI from China
By Tao Xing  ·  2021-05-26  ·   Source: Web Exclusive
A press conference takes place inside the Embassy of Cuba in Beijing on May 25, introducing the results achieved during the Eighth Congress of the Communist Party of Cuba (TAO XING)

Cuba has been learning from China’s experiences and challenges and also seeks to expand economic cooperation with China, according to Cuban Ambassador to China Carlos Miguel Pereira.  

"China's reform and opening-up policies and Cuba's economic reforms have both been based on each countrys respective national conditions," Pereira told Beijing Review during a press conference held by the Embassy of Cuba in Beijing on May 25. "Cuba will keep an open mind while observing China. We look at China’s experiences of success, as well as the challenges China has encountered." 

Over the past five years, the Cuban economy has demonstrated its resilience in the face of U.S. economic, business and financial sanctions, as well as the challenges brought by COVID-19. During that time, China has also made huge achievements in the improvement of people’s living standards. "Both countries are moving on the right track and this has shown the potential of the socialist plan," Pereira said. 

During the press conference, Pereira introduced the results achieved during the Eighth Congress of the Communist Party of Cuba (PCC), which was held from May 16-19. 

The PCC Congress discussed ideology, the updating of the Cuban development model, and the internal functioning of the PCC, as well as evaluating the economic transformations implemented over the past five years since the previous party congress.  

The congress also discussed core issues for the present and future of Cuba, and updated its implementation plan for the Economic and Social Policy Guidelines of the Party (2021-26), which are used to steer the direction of Cuba’s development over the next five years. 

According to Pereira, the congress agreed to strengthen the management of Cuba’s economic agents, especially state-owned enterprises. 

More measures will be taken to attract foreign direct investment (FDI) into Cuba and, according to Pereira, FDI will not be restricted in any of Cuba’s industries or sectors. 

Currently, Cuba is working on improving the business environment for foreign investment, including by establishing a one-stop service to simplify investment procedures. 

"China has become our most important trade partner in recent years," Pereira added. "We hope that increasing numbers of Chinese enterprises will participate in economic cooperation with Cuba, and that our cooperation broadens into new areas such as biotechnology." 

(Fan Lu contributed to this article)  

Copyedited by G. P. Wilson  

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