The Cuban government has announced amendments to its foreign investment law aiming to increase the presence of foreign companies in the island. Amendments seek to increase efficiency and reliability in the overall business environment. The new law, which will take effect on September 1, seeks to simplify the procedures to approve a project, which currently can be a lengthy and frustrating process for foreign investors. The government estimates a need of approximately US$2.5bn a year in key sectors such as tourism, mining, biotechnology and renewable energy in order to boost the Cuban economy. .