TODAY.AZ / Business

Cuba offers investment opportunities to Azerbaijani businessmen

22 December 2016 [12:56] - TODAY.AZ

By Azernews

By Nigar Abbasova

The government of Cuba is eager to see Azerbaijani investors in the country and provide advantageous conditions for their business.

Cuba’s newly-appointed ambassador to Baku Alfredo Nieves Portuondo told Trend that the country is ready to provide investment protection, ensuring that the made investments will not be lost.

“In March 2014, a law on foreign investments entered into force in Cuba. Moreover, the country announced creation of a free economic zone. The law opens up more opportunities for the investments in the country, and favorable conditions are created for this,” he said.

The new law adopted in Cuba slashed taxes on profits from 30 percent to 15 percent and gave new investors eight years of exemption from paying taxes.

Under the law, investment is allowed in all economic sectors, including utilities, administrative concessions, real estate (purchase, sale and leasing of houses and offices), hotel management and professional services. Moreover, the law also provides for investments in stocks and other securities or bonds.

The envoy went on saying that it is necessary to identify areas that may be of interest to Azerbaijani investors, mentioning that Azerbaijan can also offer Cuba a lot of areas for cooperation.

He said that tourism sphere can surely become one of the important directions of cooperation, adding that tourism industry of Cuba is one of the developed in the world.

He mentioned that some 2.5-3 million tourists visit Cuba every year and Cuba’s tourism industry is also open to Azerbaijani investments. He added that the country is ready to accept Azerbaijani entrepreneurs, who are willing to invest in the Cuban tourism sector.

The diplomat noted that there are different ways to invest in the tourism sector of Cuba, in particular via direct Azerbaijani investments, creation of joint ventures or with the participation of a third country, mentioning that Azerbaijani investors can participate in such projects as the construction of hotels, shopping centers in the tourist areas, the development of the restaurant business, the delivery of food and other products for the tourism sector.

He added that the launch of direct air traffic between Istanbul and Havana by the Turkish Airlines can also open good opportunities for Azerbaijani tourists and businessmen.

“Azerbaijani travel companies can take advantage of the opening of the direct flight from Istanbul to Havana to increase the growth in tourist traffic between Azerbaijan and Cuba,” the ambassador said. He also noted that in the future, the Cuban national airline may enter into an agreement with the Azerbaijan Airlines on the opening of air traffic between the two countries.

“Azerbaijan and Cuba may also organize joint flights from Baku to Havana via Istanbul, and this issue has already been discussed with the national airline of Cuba,” he said.

The sector is expected to boom further in Cuba over coming years. Revenues from tourism in Cuba rose 15 percent in the first half of 2016 compared with the same period last year. The government of the country envisages boosting the number of visitors to over 10 million in 2030.

The diplomatic relations between Azerbaijan and Cuba were established on March 27, 1992. Eight documents covering various fields have been signed since then.

URL: http://www.today.az/news/business/157157.html

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