To avoid economic strain, Cuba bets on tourism & foreign investment!

Published on : Thursday, December 21, 2017

imagesCuba puts money on developing its tourism industry and growing foreign investment as well to fight off the rough financial situation as a result of economic limitations, expressed by the top government officials on Wednesday.

 
Tourism Minister Manuel Marrero informed the lawmakers that Cuba welcomed over 4.2 million international visitors in the initial 11 months of the year at one of the National Assembly’s working groups, which shows a 19.7 percent growth in comparison to the same time last year.

He mentioned that in spite of a drop in tourist arrival due to the influence of hurricane Irma in September, tourism industry still has the possibility to reach the target of 4.7 million visitors in 2017 set at the beginning of the year.

 
Marrero emphasized that Canada keeps on to be the biggest market for the island while U.S. visitors increased considerably until early November when Washington published new regulations to limit traveling to Cuba to its citizens.

 
As far as cruise tourism is concerned, the Cuban official said it has grown 230 percent in 2017 and it will carry on a “favorable” path with more operations of cruise companies from the U.S. and Europe.

 
In the meantime, Deborah Rivas, a senior official at the Ministry of Foreign Commerce and Investment, explained that the country lured over two billion U.S. dollars of foreign investment in 2017.

 
“Currently negotiations are advancing in 15 initiatives of infrastructure development in sectors like renewable energies, industries, construction and mining,” said Rivas at one of Cuba’s parliament committees.

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