US embargo has cost us $2 bn in investment: CubaOctober 14th, 2010 - 12:40 pm ICT by IANS
Havana, Oct 14 (IANS/EFE) The Cuban government estimates that US firms would have invested more than $2 billion here over the past decade but for Washington’s economic embargo against the communist-ruled island, Communist Party daily Granma said.
Granma analysed how the embargo has hampered the participation of foreign companies on the island, where that activity is considered “a complement to the national development efforts” and is accepted “on the basis of projects of national interest with a significant economic and social impact”.
Because of the embargo that Washington has maintained against Cuba since 1962, the island cannot obtain technology from US companies or get financing from US banks, the newspaper said Wednesday.
Thus, the paper emphasises that Cuba’s mixed companies with foreign capital are barred from access to the US market for import and export operations.
In addition, it says that US firms cannot invest in sectors of interest for Cuba like oil exploration and tourism.
Granma adds that, except for Cuba, the countries of Latin America and the Caribbean experienced a 13 percent increase in foreign direct investment in 2008, even with the effects of the global recession.
Just in the area of foreign trade, the Cuban government calculates that between April 2009 and March 2010 the country suffered effects on business amounting to $155.5 million stemming from the US embargo.
- First cargo ship arrives in Havana from Miami in 50 years - Jul 14, 2012
- Cuba says it's ready for dialogue with US - Sep 27, 2011
- Cuban, US scientists seek to cooperate - Dec 14, 2011
- US issues new rules for travel to Cuba - Apr 22, 2011
- Castro pokes fun at Obama's summit outfit - Apr 10, 2012
- US confirms immigration talks with Cuba - Feb 18, 2010
- Cuba develops anti-arthritis drug - Feb 17, 2011
- Cuba, Russia reiterate strategic nature of their ties - Feb 12, 2010
- Cuba suspends mail service to US - Jan 22, 2011
- Raul Castro's daughter launches blog - Dec 23, 2011
- `Lack of hard currency Cuba's most pressing problem' - Jan 12, 2010
- Cuba blocks international phone calls via Internet - Sep 10, 2009
- Mexican firm eyeing Cuba offshore oil projects - Apr 13, 2012
- Cuba reforms spur 11,000 real estate, auto deals - Apr 27, 2012
- Cuba expects to sell four million cases of rum in 2011 - Apr 12, 2011
Tags: , , , , , , , , , , , , , , , , , , ,