Date: Sat, 11 Nov 1995 07:49:48 -0500Ricardo Alarcon De Quesada, President of the Republic of Cuba's National Assembly of People's Power, presented The Foreign Investment Act with necessary explanatory words. These included,
"That in today's world, without the existence of the Socialist bloc, with a globalizing world economy and strong hegemonistic tendencies in the economic, political and military fields, Cuba, in order to preserve its accomplishments despite the fierce blockade to which it is subjected; lacking capital, certain kinds of technology and often markets, and in need of restructuring its industry, can benefit from foreign investment, on the basis of the strictest respect for national independence and sovereignty, given that such investment can usher in the introduction of innovative and advanced technology, the modernization of its industries, greater efficiency in production, the creation of new jobs, improvement in the quality of the products and services it offers, cost reduction, greater competitiveness abroad, and access to certain markets, which as a whole would boost the efforts the country must undertake in its economic and social development.
WHEREAS: our Constitution, as modified in 1992, recognises mong other forms of property, joint ventures, companies and economic associations which are established in conformity with the Law and, in regard to State property and in exceptional cases, when such action is deemed useful and necesary for the country, provides for the partial or total transference of ownership of economic objectives with the goal of achieving them,
WHEREAS: The changes taking place in the National economy, aimed at actively promoting and boosting the investment of foreign capital in Cuba and broadening the possibilities in terms of the forms and areas of investment, among other essential factors, surpass the legal possibilities offered until now, This Legislation will provide greater security and guarantees to the foreign investor, when mutual interests have been identified to achieve sustainable development in the country and economic recovery."
Then follows the actual detail decided upon by Cuba to give force to the above statement. Cuba is endeavouring to make sure that no possibility of uncertainty arises, necessitating recourse to litigation during the period of any contract or arrangement.