Cuba's rubber-stamp parliament on Saturday approved a new law that ostensibly provides the road map for more foreign investment in Cuba, perhaps even by Cuban exiles overseas.
It could be another 90 days before the details are known, but it's hard not to conclude that investing in Cuba is a sucker's bet, especially with the government pledging to keep its heavy hand on those willing to risk investing in such a lousy economy. Just consider the experience of foreign firms that have found themselves ensnared in corruption scandals and questionable business practices of their Cuban "partners."
CNN has the details, such as they are:
Few would say Cuba is an easy place to do business, but a new law aimed at bringing pep to an anemic economy may lure more foreign investors.
Cuban lawmakers Saturday approved an international investment measure.
Vice President Marino Murillo Jorge, the economy czar, said that while Cuba would open further to investment, the government would retain a strong hand in dealing with investors.
"The state will always be a participant to avoid the concentration of property," Murillo said in televised remarks Saturday.
According to state media reports, 576 members of Cuba's National Assembly gathered for a special session to consider the international investment law.
Officials said greater international investment was necessary to expand the island's stagnant economy, which grew at 2.7% last year, below official predictions. Cuban officials say the country needs to grow at 7% annually in order to sufficiently expand the economy.
Members of the international media were not given access to the session.
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