06 Jan 2016

Portuguese companies to invest 30 million in Cuba

Plastic moulds, car parts, construction, paper, tinned food, hospital products and exchange are the Portuguese sectors on the front line to enter Cuba.

The first series of investments by Portuguese companies in Cuba is in its early stage, following the normalization of political and diplomatic relations between that Caribbean country and the United States, with a view to the foreseeable end to the trade and economic embargo imposed by the US and the West on Fidel Castro’s island.

"Right now, Portuguese companies have already ensured or are in the final stages of negotiating investments in Cuba totaling around 30 million euros. Several memoranda of understanding have been signed with Portuguese companies wishing to invest in Cuba. We are talking about companies in the plastic moulds sector, as well as the car parts industry (around 12 million euros in investment), the paper sector (around 10 million), or the construction industry (around two million)”, Américo Castro, the president of the Portugal-Cuba Chamber of Commerce (PCCC), told Diário Económico.

According to this official, "a Portuguese company in the tinned food sector”,  whose name he preferred not to disclose,  "has already registered and entered negotiations”.

"Two other Portuguese companies,  Raclac, part of a group that has a yearly turnover of around 400 million euros, and Docworld, have entered the hospital products sector. There is also interest from Portuguese companies in the Cuban tourism sector, namely in the sightseeing and cruise segments",  added Américo Castro.

This growing interest in the Cuban market from Portuguese companies was noticeable during the 2015 edition of  FIHAV – International Havana Fair, which took place between 2 and 7 de November and involved more than 90 Portuguese entrepreneurs, with 17 stands. There were visits by the president of Aicep, Miguel Frasquilho, and  the new Portuguese ambassador in Cuba, Luís Faro Ramos.

"Right during the fair, a Portuguese exchange company, Realtransfer, signed a deal with the Cuban State. This company is now able to enter Cuba as an Exchange operator, which is always a delicate area in the economy”, reveled Américo Castro.

The president of PCCC underlined that a new opportunities book on investing in Cuba has already been published and presented by the Cuban Foreign Minister, Rodrigo Malmierca Díaz. Also presented were the projects already approved for the special zone of Mariel, eight of which have huge dimensions. There are more than 200 investment projects awaiting approval for Mariel which may be of interest for Portuguese companies.

Américo Castro also informed us that PCCC will soon sign a protocol with Aicep to divulge and promote opportunities in Cuba, as well as to conduct events and organize the Portuguese presence in the 2016 edition of FIHAV em 2016.

"I am convinced that until then many deals will be closed between Portuguese companies and Cuba. I believe 2016 will be an extremely strong year for Portuguese business with Cuba ".

"FIHAV has brought results for some Portuguese companies. Some of them showed themselves for the first time and, thus, already began their registration process in Cuba”, highlighted Américo Castro. The president of PCCC considers that "the US embargo is reaching the end and this process will not stop”, so, "we have here a unique opportunity for Portuguese companies to enter Cuba during the most assertive moment of all and be able to grow”.
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