Cuba asked international firms Monday to invest more than $8 billion in the island as it attempts to kick-start a centrally planned economy starved for cash and hamstrung by inefficiency. Foreign Commerce Minister Rodrigo Malmierca Diaz announced a list of 246 potential projects that would cost $8.7 billion to build, from a pig farm to an auto plant.We hate to quibble, but maybe incentives matter to investors;
“Many people complain about the time in which we do things, but everyone’s got their own pace,” Malmierca said. “We’re going to do this our way and we want to do it well.”Or, you won't be doing it at all, Rodrigo;
Apart from the slow pace of doing business, foreign executives complained they have to hire Cuban employees through a state agency, limiting their ability to directly choose employees and promote them.
And the September sentencing of a Canadian automobile executive to 15 years in jail has made many worry that the routine practice of making payoffs to Cuban officials, ranging from cash to free meals, could result in the prosecution of businessmen who fall out of the government’s favor.Beggars...choosers....