Cuba invites participation in the second edition of the 2021 Business Forum

October 25, 2021 3:25 PM

More than 70% of the population has completed the vaccination cycle, while 90% have received at least one dose of the vaccine.

cuba 2021 business forumCuba has taken important steps in updating its economic model and creating new economic actors, both state and private.

By Juan Carlos Marcof Sánchez

The epidemiological situation in Cuba has improved substantially in the last two months after the sanitary measures taken by the Government and the application of a wide vaccination campaign with three Cuban vaccines against COVID. More than 70% of the population has completed the vaccination cycle, while 90% have received at least one dose of the vaccine. According to this process it will be for almost the entire Cuban population to be fully vaccinated at the beginning of November, including children older than 2 years of age.

In this way, the country gradually advances in the opening of all services, social and cultural activities, and especially the economy and its main source of income: tourism.

In this new framework, the Ministry of Foreign Trade, Investment and Collaboration has launched the Second Edition of the Cuba 2021 Business Forum, which will be held virtually from November 29 to December 2 of this year, with the aim of continuing promoting foreign trade and investment.

This Forum will offer an excellent framework for discussion between Indian and Cuban business representatives, including the new actors of the Cuban economy, those of the private sector, government officials, Chambers of Commerce and Trade and Investment Promotion Agencies, who wish to interact and exchange ideas on business and trade with the island.

Relations between Cuba and India were established more than sixty years ago and are based on deep ties of friendship and cooperation. Despite the geographical distance, Cuba and India have always found a common language in shared values and aspirations and this has been reflected in the importance that both countries have given to relations and in the intense exchange of visits at the highest level. Notable in this regard is the visit of President Ram Nath Kovind in 2018 to Cuba and of the current Cuban President Miguel Diaz Canel, who visited India as First Vice President in 2015.

Geographical distance has not been an obstacle to the development of commercial, economic and financial relations. Today there is a positive exchange in the fields of renewable energy, agriculture, the biopharmaceutical industry, to mention a few examples; but there is still greater potential in dissimilar sectors according to the capacities of the economies of both countries and the advantages offered by their geographic locations to access new distant markets.

Cuba has taken important steps in updating its economic model and creating new economic actors, both state and private. The economy has been widely diversified with high development in mining industry, pharmaceutical industry and biotechnology, informatics and offers broad prospects in agriculture, tourism and manufacturing industry. Cuba has more than a thousand export items, which are at different levels of development. There are more than 715 consolidated products, 347 products in promotion and 126 in development. The main ones are: sugar, rum, seafood, nickel and other mining products, charcoal, honey, biopharmaceutical products, tobacco, medical services, educational services, telecommunication services, tourism, information technology services, cultural services, sport services.

Projects with foreign investment are in line with the new economic and social strategy to boost the economy. They are aligned with the strategic axes and sectors identified in the bases of the economic and social development plan until 2030. The investments offer facilities in the Mariel Special Economic Zone, where more than 678 projects of foreign investment are being developed.

That is why, this second Forum can provide a useful space for information sharing and exchange on the transformations of the Cuban economy. This will be an excellent opportunity to learn about Cuba’s main export products (both goods and services) and business opportunities in prioritized areas such as the biopharmaceutical, tourism and food and agricultural sectors.

The main authorities of the Cuban Government linked to economic and commercial relations will participate in the event, among them the Vice Prime Minister and Minister of Economy, Alejandro Gil, and the Minister of Foreign Trade, Investments and Collaboration, Rodrigo Malmierca.

The program includes work sessions dedicated to tourism, the bio-biopharmaceutical industry and the agri-food sector, among others.

This event will also include for the first time a virtual fair, which will allow business representatives to exhibit their products through the Business Forum platform. Another Business Forum will be held with the participation of Cubans residing abroad who have business and investment interests in the island, which will contribute to further strengthen the links between Cubans that live abroad and those that live in Cuba.

Upon registration on the Forum’s website, it will be possible to arrange work meetings with representatives of businesses from the external sector of the economy. One can join through the website www.foroempresarial.mincex.gob.cu. You can find assistance also at the Cuban Embassy in New Delhi: secretaria@in.embacuba.cu. Registration will be open till November 25.

Visit our virtual fair

A Virtual Fair shortens the distances between nations and, therefore, between entrepreneurs in search of new opportunities.

From Cuba, we want to put the promotion of all national goods and services for export within reach at the click of a button.

(The author is Charge d´ Affaires, Embassy of Cuba to India. Views expressed are personal and do not reflect the official position or policy of Financial Express Online.)

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