Cuba’s Special Development Zone, set up in the Mariel locality, is looking to attract foreign investors, including businesses from Namibia.

President Nangolo Mbumba and a delegation visited the Mariel Special Development Zone to familiarise themselves with business operations.

The 465-square-kilometer Special Development Zone is part of a series of new reforms by Cuba’s government to promote and facilitate investments and further operate as a one-stop shop.

So far, 66 approved companies and 11 multinational companies, including the US’ heavy equipment manufacturer Caterpillar and others from countries such as Spain, Belgium, and the Netherlands, have set up industrial operations on site.

The Director General of the Mariel Special Development Zone, Ana Tereza Igarca, revealed that incentives such as capital repatriation and a favourable tax regime continue to drive interest, as these have remained the same since the zone started operating 12 years ago.

Meanwhile, President Mbumba applauded the management of the Special Development Zone and the initiatives by Cuban authorities to improve the economic situation.

He charged officials from Namibia’s Ministry of International Relations and Cooperation to relay the information to the Ministry of Trade and other relevant entities for further business exchanges.