The Associated Press
First published March 30th 2014, 8:40 am
On Saturday, Cuban lawmakers approved a law aimed at making Cuba more attractive to foreign investors, a measure seen as vital for the island’s struggling economy.
The Cuban parliament replaced a 1995 foreign investment law that has resulted in less overseas capital than the island’s Communist leaders had hoped.
Cuban officials promise there will be no nationalizations of property, as happened after the 1959 Cuban Revolution, except in cases of national interest and only with compensation.
The investment law is a fundamental part of Castro’s package of reforms, begun in 2008 with the stated goal of “updating” Cuba’s economic model.