Financial Times Information Limited
February 8, 2003

Most foreign investments in Cuba come from EU

                   Havana, Feb 8 (EFE).- Some 56 percent of foreign investments in Cuba come from the
                   European Union (EU), according to a report by the Ministry
                   of Foreign Investments and Economic Cooperation.

                   The island's 403 international joint ventures with state-owned businesses have a total
                   capital investment of $5.93 billion, principally in the tourism, biotechnology, basic
                   industry, construction, food and agriculture.

                   Figures published in the official weekly Granma International indicate that 20 percent
                   of these ventures are based abroad.

                   The report also notes that Spain has the greatest number of ventures in Cuba (105),
                   followed by Canada (60), Italy (57), France (18), Britain (14), Mexico (13), China (12),
                   Panama (10), Germany (9) and the Netherlands (8).

                   According to the same report, preparations are underway to sign a financial
                   cooperation agreement between EU and Cuba, the only Latin American country that
                   has not signed such an agreement.

                   Foreign Investment and Economic Cooperation Minister Marta Lomas said that in
                   2002, sales of goods and services approached $2 billion, and exports rose to more
                   than $674 million.

                   Most new joint ventures between foreign companies and the Cuban government were
                   initiated in construction and basic industry.

                   Publication: EFE News Service

                   Distributed by Financial Times Information Limited