In a clear signal of their strengthened alliance, Cuba will grant preferential treatment to investors from Russia, allowing them to lease land for 30 years, an unprecedented step in the history of the island’s communist government, a Russian official told Russian business representatives in Havana.
Boris Titov, Russia’s presidential commissioner for entrepreneurs’ rights and chairman of the Russia-Cuba Business Council, told representatives of more than 50 Russian companies last Thursday that Cuban authorities “are ready to provide special conditions for Russian businessmen,” Russian news outlet Sputnik reported.
According to Sputnik and the Reuters news agency, the Russian official said the concessions include the right to make use of Cuban land for 30-year terms, duty-free importation of agricultural machinery and the right to repatriate profits in foreign currency, which the Cuban government currently restricts.
