Business View Caribbean - July 2016 19
reporters from 12 countries, the Cuban specialist
explained that until now there are over 60 foreign
investment projects under negotiation.
Saumell added that new hotel management con-
tracts are expected to be signed his month with
Spain and Canada. She further added that there are
talks underway with other markets like the United
Arab Emirates and China that are interested in ex-
ploring investment opportunities in Cuba’s tourism
industry. Among the recent events, she highlighted
the signing of two contracts with the US Starwood
group belonging to the Marriott hotel chain for the
management of the Inglaterra and Quinta Avenida
Hotels, both in Havana.
The Cuban tourism ministry has a portfolio that in-
cludes 127 projects, of which 25 are for the con-
struction of hotels, 97 for hotel management, with
or without foreign financing, and five dedicated to
marinas. There is a program for the construction
of 108,000 new rooms, of which 30,000 will be fi-
nanced with foreign capital from now to 2030.
The foreign investment law was reformed and the
business opportunities for tourism were expanded.
Tourism is one of the most dynamic sectors in the
country and the second source of hard currency for
the economy.
The Seminar promotes exchanges among over 50
professionals from Cuba, United States, Chile, Co-
lombia, Argentina, Ecuador, Nicaragua, Panama, El
Salvador, Uruguay, Peru, Dominican Republic and,
for the first time, Russia.
