Mexican company gets deal to invest in Cuba development zone

Mexican company gets deal to invest in Cuba development zone
Sunday, 1 Mar 2015 | 1:27 AM ET
Justin Solomon | CNBC

A Mexican meat processing firm has become the first international
company to get approval for an investment project in Cuba's first
special economic development area, Mexico's foreign ministry said on
Saturday.

Richmeat de Mexico plans to invest in the processing and packing of meat
within the Mariel special development zone of the island, the ministry
said in a statement, without giving details of how much money was involved.

News of the investment follows December's agreement between the United
States and Cuba to restore diplomatic ties after more than five decades.
That spurred hopes that the communist-run island could be start to open
up its economy.

The Mexican government is keen to play a central role in the process of
ending Cuba's diplomatic and economic isolation.

The rules and regulations governing the Mariel area were first set out
in 2013, but companies have been slow to take advantage of the tax and
customs breaks it is meant to offer.

The special development zone covers 180 square miles (466 square km)
west of Havana and is centered on a new container terminal in Mariel
Bay, 28 miles from the Cuban capital.

Source: Mexican company gets deal to invest in Cuba development zone -
http://www.cnbc.com/id/102465800#.