Presentation of agricultural sector’s portfolio of opportunities

HAVANA, Cuba, Apr 6 (ACN) Some 56 nationwide projects make up the portfolio of opportunities for foreign trade and foreign investment in the agricultural sector, presented at the 23rd International Agroindustrial Food Fair (FIAGROP) in this city.

Included are the Ministries of Agriculture (MINAG) and Food Industry (MINAL), as well as the Azcuba Business Group, and the plans designed by the Ministry of Foreign Trade and Foreign Investment (MINCEX) as the lead agency.

Susana Villar Domínguez, head of MINAG's Business Department, remarked that the projects cover items such as pork, chicken and beef, fresh milk, vegetable and activated charcoal, pine resin, bee honey and related products, wood boards, garden and root vegetables, citrus fruit, grains, coffee and cocoa, among others.

For the first time, she said, Cuba is represented by agricultural cooperatives, which strengthens the sector in charge of 70% of the country’s food production.

Villar Domínguez mentioned among the novelties of the portfolio that intermediation in the foreign investment formalities of the cooperatives was eliminated and the procedures to approve agricultural contracts were made more flexible by giving MINAG full decision-making power.

“However, some already approved projects are still pending for financial reasons, since the tightening of the US blockade and the enforcement of Title III of the Helms-Burton Act have forced many companies to establish an entity associated with the parent company, in a third country, to evade the blockade,” she said. “The consequences of this criminal policy are a real problem for foreign investors.”

Four entities are currently waiting for the ratification of financial terms and conditions of foreign companies; that is, 10 businesses could already be operating except for the complications regarding the transfer of funds to Cuba.

Since the fair provides new opportunities for foreign investment, the Cuban Chamber of Commerce prepared an online software program for foreign companies to register to the business round, post their profiles and arrange meetings even if they do not participate in FIAGROP.