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Castro Seeks Foreign Investment Law as Cuba Economy Slows

Cuba plans to allow for full foreign ownership of companies and cut taxes for overseas investors in President Raul Castro’s latest bid to open up the communist island’s economy and bolster growth.

Cuba’s National Assembly will consider the legislation targeting development of non-renewable resources, construction, agriculture, hotels and services on March 29, state-run Juventud Rebelde reported yesterday on its website. The proposal traces its roots to a 1995 government-backed study on opening the economy, the newspaper said.