The Mariel Special Zone, An Important Step by Cuba for Economic Development

on: Business
The Mariel Special Zone, An Important Step by Cuba for Economic Development

The Mariel Special Development Zone was officially approved on Sept. 23, with the publication of Law 313 in the Official Gazette, to promote growth in the country's infrastructure and to carry out production and service activities of all kinds. The goal is to boost exports sales and replace imports, as a way of generating jobs and stimulating national economic development.

The Mariel Special Zone, An Important Step by Cuba for Economic DevelopmentAccording to the new law, authorized administration concessions can be granted to foreign and Cuban entities for managing public services, public works, and the operation of public domain assets.

In addition, the law regulates other categories for production and commercial activities, ranging from warehouses to real estate companies, hotels, factories, retail outlets, farms, financial companies, and all types of economic activities in general that can be conducted by Cuban or foreign individuals or legal entities.

The Mariel Special Zone, An Important Step by Cuba for Economic DevelopmentThe zone, which is covered by its own tax, customs, and labour regulations, is located about 45 km from the Cuban capital and spreads over 465.4 square km. Its goal is to attract foreign companies.

Cuba is looking to pursue foreign investment in the Mariel Special Development Zone, the first on the island, after passing a number of advantageous tax and customs policies as part of the project's legal norms, which should go into effect in November.

The Mariel Special Development Zone was officially approved on Sept. 23, with the publication of Law 313 in the Official Gazette, to promote growth in the country's infrastructure and to carry out production and service activities of all kinds. The goal is to boost exports sales and replace imports, as a way of generating jobs and stimulating national economic development.

According to the new law, authorized administration concessions can be granted to foreign and Cuban entities for managing public services, public works, and the operation of public domain assets.

The Mariel Special Zone, An Important Step by Cuba for Economic DevelopmentIn addition, the law regulates other categories for production and commercial activities, ranging from warehouses to real estate companies, hotels, factories, retail outlets, farms, financial companies, and all types of economic activities in general that can be conducted by Cuban or foreign individuals or legal entities.

The zone, which is covered by its own tax, customs, and labour regulations, is located about 45 km from the Cuban capital and spreads over 465.4 square km. Its goal is to attract foreign companies.

Cuba is looking to pursue foreign investment in the Mariel Special Development Zone, the first on the island, after passing a number of advantageous tax and customs policies as part of the project's legal norms, which should go into effect in November.



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