Cuban media on economic reform: sugar

There have been several reports in recent weeks about Cuba negotiating with potential foreign partners who would invest in the sugar industry. A report from Reuters yesterday again cites “sources close to the industry” saying that such investments will take place.

The report also says that Cuban television broached the idea for the first time; it quotes analyst Ariel Terrero saying during a broadcast that sugar revenues should be reinvested in the industry, and “the other factor that should not be forgotten is foreign investment, due precisely to the attractive figures of the industry.”

Raw sugar was selling for 7.33 cents per pound in May 2002, when the dramatic downsizing of Cuba’s sugar sector was announced. The price averaged 18.72 cents last year and 25.86 cents in the first quarter of this year. (See Table 3 here.)