CUBACONS to Implement Three New Construction Projects

The Construction and Assembly Business Group (CUBACONS) will implement three new foreign investment projects in the construction sector.

The first project is with a Russian company for the transportation and lifting of large loads in industrial works. The others projects are tourism investments and a specialized assembly system.

These projects are supported with financing from Russia.

The business director of CUBACONS, Alberto Olivera, said that approximately another 10 projects are in progress.

Olivera said that CUBACONS seeks to partner with foreign companies to promote new technology acquisition and financing that guarantees high-quality standards in construction projects.

The construction sector in Cuba is prioritized by the new economic policy because of the value it has in the development of the tourism sector, a major driver of income to the Island.

The use of new sustainable and effective technologies is a priority of these investment projects.

In 2019, the construction sector executed projects for a total value of 6.1 billion pesos, according to the Statistical Yearbook of Cuba, published in 2020.

The main recipients by economic activity were:

– Business services, real estate and rental activities – 37.3 billion pesos

– Construction – 9.3 billion pesos

– Manufacturing except for the sugar industry – 10 billion pesos

– Public administration, defense, social security – 456 million pesos

– Electricity, gas and water supply – 274 million pesos

– Commerce repair – 218 million pesos.

According to the statistical yearbook of 2019, total investments produced by the construction sector reach 9,801 million pesos: business services, real estate, and rental activities; manufacturing industry except for the sugar industry; supply of electricity, gas and water and construction.