Reuters reports that the Brazilian corporation Odebrecht is going to enter Cuba’s sugar sector with a 10-year contract to operate and modernize a mill in Camaguey. An executive said the company will also build a distillery to produce ethanol.
Ethanol production itself is a breakthrough, as is the entry of foreign capital into sugar production itself.
This appears to deliver on the commitment made last April to admit more foreign investment in Cuba by making Cuba’s selection criteria broader and more flexible.
The announcement could come during the Brazilian president’s visit. More on that here.
I stand corrected. For a long time, I thought the revolution was too proud to admit that it completely mismanaged the sugar industry, and would then turn around and ask for Brazilian help.
ReplyDeleteI always figured Brazilian investment would come to the sugar industry in Cuba, I just did not think it would happen with BOTH Fidel and Raul alive.