• Submitted by: admin
• Travel and Tourism
• Business and Economy
• 05 / 06 / 2010

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HAVANA (AFP) – Cuba approved a new property law aimed at attracting foreign investment in tourism projects like marinas and golf courses, including from the United States if Washington reverses its embargo on the island.

Tourism Minister Manuel Marrero announced Tuesday that the government adopted "a policy of real estate development linked to tourism" as part of the strategy to boost such investment.

Tourism is one of the largest sources of hard currency for Cuba, which gets about two billion dollars annually from visitors.

Marrerro, opening an international tourism fair, said Havana had approved a legal instrument to regulate these marinas, golf courses and other tourism investments.

Cuba received 2.4 million visitors in 2009, and has relied more on foreign tourism since the collapse of the Soviet Union, which had provided considerable aid to the country.

But Americans are barred from spending money in Cuba under an economic embargo in place since the 1960s.

Although the authorities would like to develop ecotourism and medical tourism, the immediate interest is golf, a sport virtually unknown in Cuba since the 1959 revolution.

Marrero met in March with US business leaders on prospects for American investment if and when the embargo is lifted.

He said American tourism could be "important" for Cuba following any move to lift the embargo.

US President Barack Obama has lifted travel and money transfer restrictions on Cuban-Americans with relatives in Cuba.

But the US president opposes ending the economic embargo on Cuba.

Source: AFP