Cuba is on the lookout for international investment in economic projects valued at $8.7 billion (£5.4bn), Foreign Trade Minister Rodrigo Malmierca Diaz revealed on Monday.

He announced a list of 246 potential projects to an audience of overseas corporate representatives at the Havana International Fair.

The push for foreign capital includes relaxation of investment restrictions and creation of a special trade zone around a new deep-water port at Mariel, west of Havana.

“Cuba is pushing strongly to take advantage of the benefits associated with foreign investment to stimulate development,” said Mr Malmierca.

Potential overseas investors complain of certain aspects of corporate culture in Cuba.

They point to shortages of basic supplies and the length of time for approval of apparently simple decisions.

Mr Malmierca refused to give information on current levels of foreign investment, warning that the figure could be misused by the US, which maintains its illegal blockade on the island.

Cuba is “in an economic war with the world’s primary power. We don’t give out that data,” said the foreign trade minister.

The government call for foreign investment is part of a four-year-old reform process meant to energise the economy by introducing market mechanisms and foreign capital.

The country says that it needs to drive foreign investment to more than $2bn (£1.25bn) a year to help increase growth rates.

Cuba has yet to announce any major foreign investment projects for the Mariel trade zone nearly a year after the port opened with $600 million (£375m) from Brazil — two-thirds of the project’s cost.

Chinese executive George Yan said that he had asked in May for permission to build a $1m (£620,000) plant at Mariel that would employ 100 Cubans to assemble energy-saving LED lights.

Despite initial approval, he has not been shown potential sites or received other indications that the project can proceed.

In China, “this would take 24 hours,” he said, although he is optimistic that Cuba will move faster next year.

“Many people complain about the time in which we do things, but everyone’s got their own pace,” said Mr Malmierca.

“We’re going to do this our way and we want to do it well.”