The Government of Cuba ended this Friday the 38th edition of the Havana International Fair (FIHAV) with the commitment to reduce the “obstacles that may hinder the business climate” on the island.
During the closing of the event, the interim Minister of Domestic Trade and Foreign Investment, Ana Teresita González, highlighted that the “biggest milestone” of the fair was that it had the presence of “new economic actors (since 2021 almost 6,000 have been approved MSMEs) and Cubans residing abroad”.
This year, the Fihav had its sights set on attract investment from Cubans abroad, especially from the United States, who had a special panel dedicated to them for the first time. The government has been discreet about the identity of these Cuban-American businessmen and the official press has not detailed the supposed opportunities that were offered to the group.
Rodrigo Malmierca, Minister of Foreign Trade, declared that FIHAV was designed “specifically so that they know better what can be done” and “give them all the information so that they can do business with Cuba.” The official FIHAV websites have avoided disseminating the content of these “special” panels and meetings, although the minister reported that US firms – including those of Cuban residents in the US – must in any case request a permit from the Office of Control of Foreign Assets.
The island’s main commercial stock market ended with more than 50 agreements signed between island and foreign companies, according to what the president of the Chamber of Commerce, Antonio Luis Carricarte, told state television.
In total, 402 Cuban companies were present, 70 of them MSMEs, and the delegations from 62 countries.
The island’s main commercial stock market ended with more than 50 agreements signed between island and foreign companies, according to what the president of the Chamber of Commerce told state television.
The Organizing Committee recognized the pavilions of South Africa, Italy, Venezuela and Mexico “for the quality of the design and the massive participation of companies in them,” according to the Cuban News Agency.
The Mexican pavilion –with 40 companies– received special attention from the island Executive, which has been in good harmony with the Government of Andrés Manuel López Obrador.
On Mexico Day, last Tuesday, three Cuban ministers were present: Malmierca, of Foreign Trade and Foreign Investment; Juan Carlos García Granda, from Tourism, and Eloy Álvarez, from Industries.
Cuba took advantage of this opportunity to present, as it usually does at this event, its portfolio of investment opportunities with 708 projects, 30 more than in 2021, in which the food production sector monopolized 197 of them.
Due to the sanitary measures due to the coronavirus pandemic, the Fihav was replaced in 2020 and 2021 by a business forum and a virtual fair.
The last face-to-face edition, in 2019, was attended by more than 4,000 participants from some 70 countries, of which Spain was the most represented with 110 companies, 30 more than in this edition, according to official data.
280 foreign companies from some 40 countries operate on the island, including Spain, Canada and China.
The Cuban government has relaxed its regulations to attract more foreign capital and in different areas of the economy, in the midst of a deep crisis – and the lack of foreign currency in circulation – as a result of the pandemic, US sanctions and errors in the management.
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