|
Cuba Facts is an ongoing
series of succinct fact sheets on various topics, including, but not
limited to, political structure, health, economy, education,
nutrition, labor, business, foreign investment, and demographics,
published and updated on a regular basis by the Cuba Transition
Project staff.
Foreign Investment in Cuba,
2005
Table I. Foreign Direct Investment
(FDI),* 2001-2005
|
2001 (1) |
2002 (2) |
2003 (3) |
2004 (4) |
2005 (5) |
|
$38.9 million |
$100 million |
$105 million |
$330 million |
$484 million |
|
*Estimated minimum gross
capital expenditures or commitments on the basis of data
disclosed by the Cuban government and/or major foreign firms
operating in the island. Foreign currencies (e.g, Canadian
dollars) are expressed in U.S. dollars. All figures have been
rounded to nearest million. |
Table II. Net FDI Flows,* 2001-2005
|
2001 (6) |
2002 (7) |
2003 (8) |
2004 (9) |
2005 (10) |
|
+ $5 million |
+ $1 million |
(-) $9 million |
+ $4 million |
(-) $1 million |
|
*Estimated net annual
investment after accounting for repatriation of profits and/or
withdrawal of foreign capital. All sums are expressed in U.S.
dollars. |
Table III. Selected Joint Ventures with
Cuban Government in 2005
|
Foreign Investor (Origin)
|
Industry/Sector |
|
|
China Minmetals Corp. (CHINA) |
Nickel and cobalt mining (11) |
$600 million* |
|
Sherritt International Corp. (CANADA)
|
Nickel and cobalt mining (12) |
$198 million |
|
Sherritt International Corp. (CANADA)
|
Oil & Gas; Nickel/cobalt; Power plants;
Food processing (13) |
$225 million* |
Petróleos de Venezuela S.A. (VENEZUELA)
|
Oil & Gas - Refining and storage
facilities (14) |
$1 billion* |
|
Pebercan Inc. (CANADA) |
Oil & Gas - Exploration and production
(15) |
$59.5 million |
|
ONGC Videsh Ltd. (INDIA) |
Oil & Gas - Exploration (16) |
$150 million |
|
Sol Meliá S.A. (SPAIN) |
Tourism - Hotels (17)
|
$61 million |
|
Accor S.A. (FRANCE) & Amorim
Investimentos (PORTUGAL) |
Tourism- Hotels (18)
|
$15 million |
|
SINOPEC (CHINA) |
Oil & Gas - Exploration (19) |
N/A |
|
Sandals Resorts International (JAMAICA)
|
Tourism- Hotels (20)
|
N/A |
| *Projected investments
not yet committed. Not included in the estimated 2005 FDI in
Table I. |
Table IV. Terminated Joint Venture with
Cuban Government in 2005
|
Foreign Investor (Origin)
|
Industry/Sector |
Value (US$) |
|
Corporación Alimentaria Peñasanta, S.A. -
CAPSA (SPAIN) |
Food processing (dairy) (21)
|
(-) $8.5 million |
Notes
1. Reuters, “Foreign investment in Cuba falls, EU
wants reform,” Havana, 8 July 2002.
2. Raisa Pagés, “Ascienden a 270 contratos de
producciones cooperadas,” Havana, Granma
Internacional, 3 February 2003.
3. Amado de la Rosa Labrada, “Algo más que una
feria,” Havana, Opciones, 9 November 2003.
4. Sherritt International Corp./Canada ($116
million); Las Pailas de Cemento S.A./Spain ($105 million);
Repsol-YPF S.A./Spain ($50 million); Pebercan Inc./Canada ($28.6
million); Petrobras/Brazil ($20 million); and IMEX-Grupo
Altex/Mexico ($10-20 million) were the principal foreign investors
in 2004 in terms of (known) capital expenditures or commitments.
5. In 2005, Sherritt International Corp./Canada
($198 million); ONGC Videsh Ltd./India ($150 million); Sol Meliá
S.A./Spain ($61 million); Pebercan Inc./Canada ($59.5 million); and
Accor S.A/France and Amorim Investimentos/Portugal ($15 million)
constituted the leading foreign investors on the basis of (known)
expenditures or commitments. Other major long-term investors are
Pernod Ricard S.A./France and Altadis S.A./Spain, but no data have
been made public about the firms' annual commitments to their
respective joint ventures with the Cuban government.
6. United Nations ECLAC/CEPAL, La inversión
extranjera directa en América Latina y el Caribe, 2002
(Santiago de Chile, 2003), p. 28.
7. Ibid.
8. United Nations UNCTAD, World Investment
Report 2006, “Cuba Fact Sheet,” October 2006,
http://www.unctad.org/Templates/Page.asp?intItemID=2441&lang=1.
9. Ibid.
10. Ibid.
11. Marc Frank, “China edges out Western investors
in Cuba nickel,” Reuters, Havana, 23 November 2004; Reuters, “China
Minmetals to form JV in Cuba,” Hong Kong, 9 Sept. 2005.
12. Sherritt International Corp., 2005 Annual
Report, http://www.sherritt.com/.
13. “Cuba signs expansion agreement with Canadian
firm,” Granma Internacional, March 4, 2005,
http://www.granma.cu/ingles/2005/marzo/vier4/1sherrit.html/.
14. Tomás Sarmiento, “Venezuela invertirá hasta 100
mllns dlrs en refinería en Cuba,” Reuters, Cumana, Venezuela, 7 Oct.
2005.
15. Pebercan Inc., 2005 Annual Report,
http://www.pebercan.com/en/index.asp/.
16. “ONGC Videsh to pump $150m into Cuba fields,”
The Economic Times, New Delhi, 25 Sept. 2005.
17. EFE, “Sol Meliá invertirá 41,6 millones en un
hotel en Cuba,” Havana, 5 Oct. 2004; Sol Meliá Second Quarter 2005,
www.solmelia.com/; IPS, “Nuevas inversiones de Sol Meliá en Cuba,”
Havana, 29 Sept. 2004.
18. Mark Frank, “French group to run former Mafia
hotels in Cuba,” Reuters, Havana, 16 June 2005.
19. “Sinopec signs up for oil production in Cuba,”
Alexander’s Gas and Oil Connections, February 1, 2005,
http://www.gasandoil.com/goc/company/cnl50800.htm/; Gerardo Arreola,
“China se une a la búsqueda de petróleo en Cuba,” Havana, El
Economista de Cuba, February 2005,
http://www.eleconomista.cubaweb.cu/2005/nro248/248_718.html/.
20. “Sandals expands in Cuba,” The Jamaican
Observer, December 6, 2004.
21. Marc Frank, “Western businessmen bitter as Cuba
closes doors,” Reuters, Havana, May 31, 2005,
http://canf.org/2005/1in/desde-Cuba/2005-may-31-western-businessmen.htm/;
Europa Press, “CAPSA vende su participacion en Central Lechera de La
Habana al Gobierno cubano y sale de la Isla,” Asturias, Spain, 26
July 2005, http://www.finanzas.com/id.8560051/noticias/noticia.htm/.
The CTP can be contacted at
P.O. Box 248174, Coral Gables, Florida 33124-3010, Tel: 305-284-CUBA
(2822), Fax: 305-284-4875, and by email at ctp.iccas@miami.edu.
The CTP Website is accessible at http://ctp.iccas.miami.edu/. |
