By Gustavo A Maranges on November 13, 2022 from Havana
The 38th edition of the Havana International Fair (FIHAV) will be inaugurated tomorrow in Cuba after two years of virtual contact due to the COVID-19 pandemic. The event is Cuba’s most important business exchange, and this year will host over 400 participants from over 60 countries. China, Spain, France, Russia, Venezuela, and Canada account for the largest representations.
According to the Minister of Foreign Trade and Investment Rodrigo Malmierca, 23 official delegations have confirmed their attendance, along with 30 groups representing foreign Chambers of Commerce. The COVID-19 pandemic meant that this event was replaced by a virtual forum, which will also be held this year for those business representatives who cannot travel to Cuba to participate in person.
The changes implemented in Cuba’s economic policies during the pandemic, the expansion of the private sector and its scope for action, make FIHAV very attractive for companies based in Cuba or intending to do business on the island. In this edition, 25 Cuban MSMEs will take part for the first time, while another 20 have also been registered as professional visitors.
The Fair will be an opportunity for those attending to get first-hand updated and reliable information on the new rules of Cuba’s business environment, as well as new business opportunities. Cuba has 678 foreign investment projects in its business portfolio, covering almost all branches of the economy with an emphasis on food production, service exports, and the industrial sector.
In this 38th edition, Cubans living abroad will also be able to attend the Fair, something that is completely new. Most of them come from the United States, which accounts for the largest community of Cubans overseas. For several years now, overseas Cubans have shown a growing interest in investing in their country of origin.
The economic crisis fostered by the pandemic and the strengthening of the U.S. economic blockade has caused serious damage to the Cuban economy, which will require years of hard work to recover from. Faced with this context, overseas Cuban business people have increased their interest in participating in this process since important niches have arisen, letting the door open for a win-win relationship between them and their motherland.
However, the blockade continues to limit the scope of Cuban initiatives, such as FIHAV. The growing harassment of Cuba’s international economic relations makes it difficult to complete any business deal or agreement for reasons beyond the control of those involved, since the blockade has increased its extraterritorial scope. Making payments to or from Cuba and transporting goods to the island is a titanic task that may take months to complete, even if it is a simple financial transaction.
The Fair is the third and most important of the events held in Cuba during the last semester of 2022 to promote the island’s economic development and foreign investment. Just two weeks ago, a group of 27 U.S. businessmen, including five Cubans among them, traveled to Cuba to hold the second Cuba-U.S. Business Forum. The first edition took place in 2016 during the visit of then-President Barack Obama. Donald Trump’s policies and their continuity by Joe Biden have been among the biggest obstacles to conduct this type of meeting on a consistent basis.
The exchange was sponsored by the Cuban Chamber of Commerce and the economic consulting firm Focus Cuba. As part of the meeting, the businessmen met with several Cuban ministers and President Miguel Diaz-Canel, who thanked them for visiting Cuba. He also thanked them for their courageous decision to do business with the island despite the enormous obstacles posed by the blockade and the listing of Cuba as a Country Sponsor of Terrorism, one of the biggest lies ever told.
The results of this forum have not been disclosed by any participants or the press, which only had access to the opening session.
A similar event took place last July when over 100 businessmen representing over 80 Mexican companies met in Cuba to strengthen economic relations between the two countries. The Cuban part was represented by over 150 Cuban businessmen.
According to Prensa Latina News Agency, 12 agreements were signed at the end of the event. Most of them are related to food production, textiles, and renewable energies, as well as other issues related to the environment. Several of these agreements involve representatives of the Cuban private sector, which bodes well for the 38th edition of FIHAV, where the participation in this sector will be exponentially larger.
Cuba is going through one of the most severe economic crises in decades, which is why a great effort is being put forward to revitalize the economy. The blockade continues to be the main obstacle to achieving this goal, and interactions like these are perfect opportunities to make proposals to minimize the devastating effects of the blockade and allow Cubans to acquire a wider culture in the business world and its current dynamics.
Source: Resumen Latinoamericano – US