Several countries show interest in Cuba's internal trade

Havana, July 18 (RHC) During the first half of the year, Cuba's domestic trade system received 43 visits from 15 countries with business interests in the different types of investment and marketing.

During an analysis of the results of foreign investment in wholesale and retail trade, the deputies of the Services Attention Commission of the National Assembly of People's Power (ANPP, Parliament) learned that, of the approved businesses, the Mixed Company Gran Ferretero S.A. has already started operations.

The Minister of Domestic Trade of the Caribbean country, Betsy Díaz, explained that this entity has been in operation for the wholesale sale of hardware products and construction materials, since this month on a limited basis.

She specified that the contract of the International Economic Association (AIE) FAIBUS S.A is in the process of implementation, aimed at the online wholesale marketing of food, personal and household hygiene products, and whose activities are scheduled to begin next September.

According to the report presented by the owner, there are other projects already approved in the process of being established and starting operations, among which priority is given to the creation of five mixed companies for the sale of various products, three AIE contracts for the commercialization of food, and two covering both modalities.

At the same time, dialogue is being maintained with five countries in the different modalities of foreign investment, explained Díaz, who also referred to the different problems that affect the management of this type of initiative.

Among other obstacles, the minister mentioned the delay in the terms by the entities that carry out procedures and issue documents; delays in the process of updating the property domain; limited experience in the development of the activity; and uncertainty about the effectiveness of the approved financial scheme.

She added that the main lines of work in the sphere include the approval of the businesses planned for 2023, the systematic review of the companies that own the properties to influence the solution of the obstacles that arise, and continue overcoming the groups in charge of project management.

According to the report, foreign investment is an alternative for economic growth and increasing competitiveness in the sector, but it has not been achieved by this means to alleviate the situation of shortages in the domestic market.

The minister of Domestic Trade added that non-state forms of management currently use other more expeditious commercial options, and that the perception of uncertainty regarding the country's financial situation has led to the failure to materialize opportunities more quickly. (Source: PL)