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October Thursday

Brascuba S.A. renews contract with Cuba despite US blockade


HAVANA, Cuba, Feb 28 (ACN) The Cuban-Brazilian joint venture Brascuba Cigarettes S.A. is about to celebrate its 25th anniversary, and despite the limitations and obstacles to its production and marketing caused by the U.S. blockade, it recently renewed its contract to stay on the Caribbean island for the next 40 years.

Yohandy Iglesias, Brascuba's export manager, told ACN this renewal confirms the trust of foreign partner Souza Cruz, belonging to the British American Tobacco group, in its trade relations with the country.
Although it is true, he said, the company has been somewhat limited by the blockade and the new American regulations to make operations more difficult, it is also true that strategies and alternatives are being found in order to move forward.
Some current impacts of the blockade on the entity have been reflected in the acquisition of raw materials such as paper and filter, when the regular suppliers have stopped serving due to measures imposed by United States.
We have overcome the difficulties by working with clients to establish intermediary bank routes and avoid the hurdles associated with the cash flow, which have changed over time and with the tightening of sanctions, the executive noted.
The joint venture Brascuba Cigarettes S.A. is responsible for the production of Cuban brands such as Popular, Hollywood, H Uppmann and Cohiba, as well as having a wide range of exportable products.
In 2019, it generated income for exports of 4.2 million pesos and in the domestic market there has been an over fulfillment of the plan.

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