Cuba in Mexico presents a portfolio of business opportunities

A bulging portfolio of projects in Cuba that require foreign investment capital was presented today to 250 Mexican businessmen by the minister economic and commercial adviser Sara Marta Díaz.

Cuba in Mexico presents a portfolio of business opportunities
Cuba in Mexico presents a portfolio of business opportunities

The official of the Cuban embassy in this country explained in detail the growth projections and the economic plan for this 2019, as well as the business opportunities that are opened from the premises of development of a nation of an open economy and high dependence on foreign trade.

Cuba, founder of the General Agreement on Tariffs and Trade (GATT), the predecessor of the World Trade Organization, and signatory of several preferential agreements such as those of Aladi, European Union and Caricom, is a country that offers many guarantees and security to foreign investment.

Díaz explained to the Mexican business sector the main items of bilateral trade that closed in 2018 with 539.1 million dollars, an amount greater than 2017 when the exchange of goods was 457 million. In both periods, Mexico benefited from the trade balance.

While Cuba sold rum, tobacco and chemical reagents to its counterpart, among other products, Mexico exported aluminium packaging, prepared for animal feed, electrical appliances, and several others, and consolidated itself as the second commercial partner of the island in the region.

Agreements of economic complementation between both nations and mutual trade preferences are in effect in a fairly balanced relationship in which three thousand products have been released by Mexico and four thousand 200 by Cuba, according to the counsellor.

There are 10 Mexican investments in progress in the Antillean archipelago and a line of credit from the Bank of Mexico (Bancomex) that supports the operations.

The section dedicated to investment opportunities was the most moving and the one that generated more interaction among the businessmen interested in the details of each sector.

In the long list presented to invest or to associate in diverse modalities, there are varied branches of tourism, agri-food, petroleum, transforming and other industries, construction, renewable energy, pharmacy and biotechnology, sugar, hydraulics, audiovisuals and many more.

Díaz Rodriguez explained that there are 525 projects with high amounts of billions of Cuban pesos, equivalent to dollars, in which foreign capital is required in various degrees and forms, including the formula of joint ventures.

The official made a parenthesis to explain the progress of the Special Development Zone of Mariel with new and important investments and gave a detailed explanation of the advantages and guarantees of investing in Cuba at this time, as well as the infrastructure and personnel facilities highly qualified in all sectors and branches.

The meeting was opened by Ambassador Pedro Núñez Mosquera who, when greeting the businessmen and explaining aspects of the presentation, gave a brief report of the damages caused by the recent tornado that affected Cuba.

via Prensa Latina Agency