Cuba Invites Mexican Businesspeople to Expand Bilateral Trade
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Cuban authorities invited Mexican entrepreneurs to foster and expand economic and trade relations and increase foreign investment in different fields and projects, as well as to increase their participation at Havana’s 38th International Trade Fair next November.
The Cuba-Mexico business forum opened in Havana in the presence of Cuban President Miguel Diaz-Canel and Prime Minister Manuel Marrero. The first session offered significant information to the attending entrepreneurs.
The Mexican business people learned about Cuba’s ongoing recovery from COVID-19, the world economic crisis and how it faces the US economic blockade, which is the main obstacle to the country’s development.
Cuba witnessed a slight and gradual recovery in the first half of 2022, evidenced by an increase of agricultural products and exports of goods and services, still far from the demand, said Cuban Economy Minister Alejadro Gil during the session at Havana’s Hotel Nacional.
Tourism, a strategic economic sector, reactivated with the arrival of 682 thousand 297 vacationers up to late June, while the country still expects to receive 2.5 million foreign tourists this year, Gil said and went on to mention challenges like the increase of world market prices, particularly for food, fuels and freights; shortage of fuels, hard currency which have led to energy emergencies; macroeconomic imbalance such as different exchange rates in the state and non-state sectors, plus the fall of the purchasing power of Cuban salaries, and the increase of the so-called consumer price index.
The Minister described the 2021 as a turning point due to the adoption of a package of measures including the improvement of the state-owned socialist companies, other economic actors and agriculture, the implementation of a National Economic and Social Development Program up to 2030 and new government management based on science, technology and innovation.
Foreign Trade and Investment Minister Rodrigo Malmierca briefed the Mexican visitors about the island’s priorities in the current scenario, including food production, the development of renewable energy sources, productive chains, export diversification and the replacement of costly imports with local production.
The country also needs financing and advanced technology, and to develop circular economy (production, development, research and commercialization), said the minister, who stressed the presence of Mexico in Cuba’s foreign economic relations. He added Mexico and Cuba enjoy large potential to further expand bilateral links.
The successful experience of the Mexican Company IMSA were exposed during the session, in which representatives from the Cuban food and agriculture sectors addressed business opportunities in those areas.
