Cuba, Foreign Investment with Slight Impact on Domestic Trade

 

Havana, July 18 (ACN) Foreign Investment projects targeting retail and wholesale domestic trade in Cuba show slight advancement, according to information released Tuesday by the Cuban Parliament’s working commissions.

Domestic Trade Minister Betsy Diaz announced the start of operations of a joint venture known as Gran Ferretero S.A., in the wholesale market of hardware and construction materials.

In her report to the Parliament’s Commission for Attention to Services, the Minister announced the ongoing implementation of an International Economic Association deal with the company FAIBUS.SA in the commercialization of foodstuffs, home and hygiene products.

The government official also referred to the setting up of another five joint ventures in the retail and wholesale sectors, while contacts are underway in several countries to consider foreign investment projects in different modalities.

In August 2022, Cuba adopted measures aimed at reactivating its economy and encourage foreign investment, particularly targeting retail and wholesale markets.

According to the general director for foreign investment at the Domestic Trade Ministry, Carlos Luis Jorge Mendez, the new business projects aimed at solving the dealing with the prevailing shortage of consumer goods in the country and contribute to resupply local markets selling in Cuban national currency.