He Ministry of Domestic Trade (Mincin) de Cuba has received 52 “business interests” from 18 countries, but only one of them has been approved so far, according to official sources.
The approved project is the contract of the International Economic Association (AEI) Faibus SA, which will be “intended for the online marketing of food products, personal and household hygiene”, reports the newspaper Granma.
According to the report, “operations are expected to begin in the second quarter of this year.”
According to the Mincin, another six projects are “in progress”, five have “possibilities of concretion” and three more are “in the exploratory phase”.
“The remaining 37 have not made specific proposals or have been linked to other organizations,” says the official information, which does not offer more details in this regard.
Furthermore, the note Granma indicates as “one of the priorities” of the Mincin for this year “to start the operation of the Mixed Company Gran Ferretero SA”.
The objective of this company, says the firm, is “to conceive a large hardware store, with a wide range of products, intended for the sale of articles that allow us to satisfy the demands of the national market”.
According to the entity, “the necessary steps are taken to start the operations of this entity”, although the report does not offer a tentative date for it.
What was reported by Granma now contrasts with previous reports that suggested that the first projects of business with foreign firms in the wholesale and retail trade on the island, they would begin operations between April and May 2023.
This was reported last March during a meeting in the Ministry of Economy and Planning (MEP)in which it was advanced that five projects would be in that situation.
Said projects would involve the joint venture Gran Ferretero, the group Farmavenda Ibérica SL and Camacho International SL (Spain), as well as Emifoods LL C and Grupo Sur (Argentina), according to then reported the Cuban News Agency (ACN).
Previously, at the end of last year, the Mincin had reported on the creation of the mixed company Gran Ferretero SA, the first with foreign capital that emerged from the modification, last Augustof foreign investment policy in this sector.
At that time, according to a note of Granmait was said that said entity should begin its operations during the first quarter of 2023, something that ultimately did not happen.
Cuba is going through a severe economic crisis, accentuated by the effects of the pandemic, the United States sanctions and internal deficiencies in the management of the economy. This situation has the supplies of basic consumer goods, such as medicines and food, in minimum supply and extremely high prices. Inflation and the scarcity of products are two of the factors that most penalize the daily life of the Cuban population today.
