Foreign Retail and Wholesale Companies to Operate in Cuba

Havana, March 17 (ACN) Spain’s Granferretero joint venture and Farmavenda Iberica S.L. group and Camacho International S.L. along Argentina’s Emifoods L.L. and Grupo Sur will be the first foreign companies to operate in the retail and wholesale Cuban market in April and May.

The projects are currently being given the finishing touches –legal paperwork, warehouses and shopping facilities where the new businesses will offer their foodstuffs, clothes, home items and many other products highly demanded in Cuba.

Cuban Economy Minister Alejandro Gil Fernandez referred to the role expected to be played by the new projects, which will be joined by other foreign businesses this year.

The first businesses will focus on the wholesale market; however their operations will contribute to deal with current inflation due to the shortage of goods, the minister said.

Before Foreign Trade and Investment minister Rodrigo Malmierca and Domestic Trade Betsy Diaz, Minister Gil insisted in having all businesses approved under the new modality to respond to the interests of the country, so that they sell highly demanded products, including those more economical.

Gil considered that these initiatives may help the reactivation of the local industry so he called to step up the closing of deals with other foreign companies that will start operations here in the second half of 2023.