Cuba's Mariel Port Preparing for Mega Ships
Cuba's new Mariel deepwater container terminal hopes to further its plan to become a regional shipping hub by completing dredging next year so it can receive mega-sized vessels, its general manager Charles Baker said on Thursday.The terminal in Mariel Bay, 45 kilometers (28 miles) west of Havana, is located in an industrial park where Cuba is seeking to attract foreign investors with tax and customs breaks, as part of its market reform plan to boost the anemic economy.After opening in 2014…
Cuba Struggles to Attract Investors Despite Reforms
Cuba has yet to attract new foreign investors despite launching two major initiatives in the past year, a sign of the lingering caution over doing business with the communist government and its own hesitancy to follow through on free-market-style reforms. Cuba last November opened a China-style special development zone, including a new container terminal at Mariel Bay. It also passed a new foreign investment law in March, saying it needed more than $2 billion a year in foreign direct investment to spur growth.