Cuba opens regulatory office in Special Development Zone

Cuba has opened a regulatory office in its first Special Development Zone in the Mariel port to attract domestic and foreign investors.

Apart from approval of licenses, the office is tasked with implementing the regulatory framework for the zone including customs regulations, labour laws, immigration control, taxation, banking, insurance and resolving disputes, Xinhua reported Saturday.

The companies in the zone will enjoy tax privileges.

Cuban leader Raul Castro proposed the Special Development Zone, 50 km west of Havana, and wanted the port to become the largest container terminal in the Caribbean and the main gateway for Cuban foreign trade.

Cuban economist Pedro Monreal said Mariel is ideally positioned to become the Caribbean's mega port.