Cuba's parliament has passed a new law aimed at making the nation more attractive to foreign investors by cutting taxes.

Lawmakers approved the new measures in an extraordinary session Saturday.

The law cuts taxes on profits in half and exempts many foreign investors from the personal income tax.

The measure also exempts new businesses from paying taxes during their first eight years of operation.

Cuba's minister in charge of economic reform, Marino Murillo, said the country needs at least $2 billion a year from foreign investors to reach its goal of 5 percent annual economic growth or better.

The more than five-decade long U.S. economic embargo of Cuba bars American from investing there.

Some information for this report comes from AP and Reuters.

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