Viglacera became the first 100% foreign-owned infrastructure investment enterprise in Cuba

General Director of Mariel Special Zone Management Office - Ms. Ana Teresa Igarza awarded the Establishment Decision and Business Registration Certificate of ViMariel S.A Company. to Viglacera representative in Cuba (Viglacera photo)

Viglacera Corporation - Vietnam and Mariel Special Development Zone (ZEDM) - Cuba, held the official establishment ceremony of ViMariel S.A - Viglacera's branch in Cuba. ViMariel S.A became the first 100% foreign-owned infrastructure investment enterprise in Cuba at the end of July.

According to Viglacera Corporation, the establishment of ViMariel S.A company is based on Decision 340 dated February 28, 2018 of the Cuban Government allowing the establishment of ViMariel S.A Company, and at the same time giving this enterprise the right to use a land plot of more than 156 hectares in area A of the Mariel special zone. Within 5 years, ViMariel S.A Company will build an industrial park with full infrastructure of roads, telecommunications, electricity and water to serve industrial facilities. ViMariel S.A Company has the right to exploit the industrial park for a period of 50 years, expected to focus on attracting high-tech businesses, construction materials production, electronics industry, and industries that meet the needs of the Cuban economy and serve the Central American region.

During the establishment ceremony of Viglacera Corporation's branch, the representative of Viglacera Corporation pledged to make efforts to complete the ViMariel project on schedule, to attract more investors to this strategic special development zone of Cuba and thereby contribute to deepening the traditional relationship between the two countries.

On behalf of the Cuban Government, Ms. Igarza - General Director of the Mariel Special Zone Management Office highly appreciated Vietnam's experience in developing industrial zones and emphasized that in addition to building and developing industrial zones, the Cuban Government also expects ViMariel to attract many foreign investors to invest in this industrial zone and considers ViMariel an important resource in the context that Cuba is undergoing changes in economic structure.

BK (TH)