The Cuban Government recognized this Monday the “financial difficulties” suffered by the island, but promised a “more dynamic and transparent environment”, with “more facilities and guarantees”, for foreign investors.
The Deputy Prime Minister and Minister of Foreign Trade and Foreign Investment, Oscar Pérez-Oliva Fraga, made these statements at the opening of the 41st edition of the Havana International Fair, the main business and commercial event in Cuba.
“The financial difficulties we face are a reality, but so is our determination to overcome them,” said the deputy prime minister. “We value the trust you have placed in Cuba and the high contribution to the development of our country,” he added.
Guarantees “for those who bet”
Pérez-Oliva assured that the Cuban Government is taking “firm steps to modernize the economy and offer a more dynamic and transparent environment”with “more facilities and guarantees for those who bet” for the future of the country.
As advanced EFEthe Cuban Government has communicated in recent months to many international companies on the island that They will not be able to repatriate or extract deposits as cash that they had in foreign currency in bank accounts in the country.
Furthermore, last week the Executive explained to the diplomatic corps that it could not guarantee that embassies would be able to transfer abroad or withdraw in cash their deposits in foreign currency accounts to date.
The deputy prime minister advanced that At the fair, measures will be announced to promote business development such as “facilities to boost investment”protocols to “speed up” the approval of businesses and “new opportunities.”
Pérez-Oliva also acknowledged that the country is going through “difficult weeks,” especially after the passing of the Hurricane Melissawhich crossed the eastern end of the island at the end of October with a category 3 on the Saffir-Simpson scale, leaving a “painful footprint.”
The mere celebration of the fair is a “show of will” when “it seems that circumstances seem to challenge” the “impulse” of the country, said the deputy prime minister.
Nearly 300 Cuban firms between state and private
The organizers indicated that the event has brought together 715 companies from 52 countries, including political allies of Cuba such as Russia, China and Venezuela, but also European and Latin American countries. Among them, 268 Cuban firms were registered, both state and private.
The FIHAV is specifically committed to sectors such as renewable energiesin the midst of the energy crisis with prolonged daily blackouts, and tourism which, despite the drop in international visits, continues to be a fundamental component of the economy and the generation of foreign currency.
Cuba has been suffering a deep crisis for more than five years. The pandemic, the tightening of US sanctions and failed economic policies have aggravated structural problems in the island economy.
Added to the economic contraction with high inflation is the shortage of basic goods (food, medicine, fuel), prolonged daily blackouts, growing dollarization and mass migration.
