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Nestle lays first stone for $55 mn coffee factory in Cuba's Mariel port

Nestle lays stone for $55 mn coffee factory in Cuba

Reuters  |  HAVANA 

Cuba and Swiss firm Nestle on Tuesday laid the first stone of a $55 million coffee and biscuits factory joint venture in the Mariel special development zone, the latest major foreign investment in the Communist-run island. Nescor is Cuba's third joint venture with Nestle and reflects President Raul Castro's drive to attract international capital to help update the Soviet-style command economy and stimulate growth. Cuba created the zone around the Mariel port just west of Havana four years ago, offering companies significant tax and customs breaks. Its aim to replace ...

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First Published: Wed, November 29 2017. 11:27 IST