April 8, 2013 Cuba_Cuba creating its first free trade zone
A large-scale construction project has been launched in Cuba -- the country is creating a free trade zone in the small town of Mariel, 50 kilometers from Havana. The work is under the personal control of President Raul Castro.
The project is to turn a small provincial port into a magnet for businessmen and investors from all over the world and to radically change the economic situation on the island.
The future mega-port will cover 450 square kilometers and will use a special customs regime. The companies will not have to pay import duties for some goods. These measures will increase trade turnover and create jobs for Mariel residents:
"It seems many things will simplify in our country, or at least I hope so", one of them told RT.
"Just imagine, the economy is growing, people's self-esteem is increasing. Things are changing, right?" added another.
The Cuban project is promising to become very successful and fitting with the times, especially taking into account the widening of the Panama Canal, which is scheduled for 2015. With the growth of sea trade volume in the Caribbean, Cuba could become the regional logistics center. Brazil has high hopes for the project in Mariel Port and is investing $600 million into it, out of a total $900 million.
"As soon as the US authorities realize that the embargo has a negative impact on the American economy they will definitely lift it on the same day. The examples of China or Vietnam show that as soon as the political reasons disappear and economic difficulties emerge, all trade restrictions are removed", said David Urra, political analyst.
The construction work in Mariel will take several years, but the first facilities are set to be ready by the end of 2013.
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