5 new foreign companies will open in Cuba

5 new foreign companies will open in Cuba

HAVANA, March 19  The first business projects with 5 new foreign firms in the wholesale and retail trade will begin operations between April and May, according to several Cuban media reports this Saturday.

The news stems from a meeting that took place on Friday at the headquarters of the Ministry of Economy and Planning (MEP).

These projects involve the joint venture Granferretero, the Farmavenda Ibérica S.L. group and Camacho International S.L. (Spain), as well as Emifoods L.L. C and the South Group (Argentina), according to a report by the Cuban News Agency (ACN).

In the meeting that took place this Friday, the legal documentation, operational flow and warehouses and stores where they will offer food, clothing, household items, cleaning and hygiene items and other demanded products were specified.

According to ACN, Alejandro Gil Fernández, Deputy Prime Minister and Minister of Economy and Planning (MEP), highlighted at the meeting the impact that these projects should have,

At the meeting, according to the source, Gil Fernández insisted on the importance of conducting whatever businesses are approved in such a way that they respond to the “interests of the country, that foreign firms sell products in greater demand, including those of the economic line.”

The head of the Economy considered that these businesses can help to reactivate the industry, for which he indicated to continue working on the processing and completion of the projects that will begin operations in the second semester.

Gil Fernández pointed out the need to convey to the officials and businessmen involved the “sense of urgency” that these businesses have for the battered Cuban economy. According to the report, more will be added before the end of 2023.

In these exchanges, based at the MEP, the agreements of the international tours of the Cuban President and the Prime Minister are “monitored”, as well as the agreements or letters of intent signed during the last International Fair in Havana.

Also present were Rodrigo Malmierca Díaz, Minister of Foreign Trade and Foreign Investment, and Betsy Díaz Velázquez, of Domestic Trade (MINCIN).