D I P L O M AT I C A| TRADE WINDS
Cuba: An open door to investment and trade
By Josefina De La Caridad Vidal Ferreiro
S
24
The most modern port is located in the Mariel Special Development Zone, west of Havana, which is destined to become the main entry and exit door for Cuban foreign trade.
Canada is the second-largest investor on the island. Over the decades, Canadian companies have shared the risks and benefits of participating in the development of strategic sectors such as mining, energy, agri-business and tourism. Cuba has natural, political, legal and social advantages, including an incentive regulatory framework and a broad business portfolio, which make the country an attractive and safe destination for Canadian trade and foreign investment. When it comes to foreign investment, Cuba currently offers a portfolio with 460 projects in such sectors as energy and oil, agri-business, mining, renewable sources of energy, light and heavy industries, and biopharmaceuticals. In these sectors, Canada is an innovative leader and one of the main investors on the island. Trade-wise, Cuba offers several agrifood products it could export to Canada. These include honey; black vegetable char-
coal from native woody plants, bagged and free of dirt and dust; hot chilis, high in vitamins A and C; avocados, mangoes, pineapples, Persian limes and sweet potatoes, all fresh; and curcuma in dry powder form and without the direct intervention of solar rays. For further information on the potential for trade and investment opportunities in Cuba, we invite you to visit the official pages of the Ministry of Trade and Foreign Investment (www.mincex.gob.cu/ index.php/portal) and the Centre for the Promotion of Foreign Trade and Foreign Investment (http://www.procuba.cu/ en). You can also contact the embassy in Ottawa, Canada (misiones.minrex.gob.cu/ en/canada). Josefina De La Caridad Vidal Ferreiro is the ambassador of Cuba to Canada. Phone her at (613) 563-0136 or email to embacuba@embacubacanada.net SUMMER 2020 | JUL-AUG-SEPT
HTTP://WWW.ZEDMARIEL.COM/EN/BAY
ince the beginning of the 1960s, Cuba’s economy has been slowed down by the economic blockade imposed by the U.S. government, which, due to its extraterritorial scope, affects not only the functioning of Cuba itself, but also its foreign relations. As such, the Cuban economy and its links with the outside world have operated and continue to operate in a highly complex environment, facing enormous difficulties and obstacles. Cuba is the largest island in the Caribbean so our government policy prioritizes research and technological innovation and basic infrastructure throughout the country, with communication networks, railroads, highways, airports and ports that allow deep-sea vessels to dock. The most modern of ports is located in the Mariel Special Development Zone, west of Havana, which is destined to become the main entry and exit door for Cuban foreign trade. Cuba maintains diplomatic and consular relations with 187 countries. It is a member of numerous international and regional organizations that have allowed it to sign multiple multilateral agreements, as well as bilateral agreements on economic co-operation. It maintains commercial relations with more than 160 countries — among them Canada, which has had a significant historical presence in the Cuban economy. Trade between Canada and Cuba exceeded $1.4 million. Canada is Cuba’s fourth-largest commercial partner and the primary market for Cuban goods exports, which primarily include nickel, tobacco, rum and sea products. Other goods, such as coffee, fruit and vegetables have been added to this list in recent years.
