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News > Cuba

Over 2,000 Cuban Companies Seek To Trade Internationally

  • Customers queue to shop at a non-state-run store, Havana, Cuba, Jan. 9, 2021.

    Customers queue to shop at a non-state-run store, Havana, Cuba, Jan. 9, 2021. | Photo: EFE

Published 22 January 2021
Opinion

Local private companies' EXIM operations were approved in July 2020 to boost the Cuban economy amid the pandemic and the U.S. blockade.

Cuba's Foreign Trade Director Vivian Herrera on Thursday informed that 2,081 local private companies expressed their intention to establish Export & Import (EXIM) contracts.

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As of December 2020, 621 non-state-run enterprises were identified with potential for export operations, 475 of which belonged to the agricultural sector, 598 were related to exports, and 23 are service providers.

Forty-two export contracts were signed while import contracts climbed to 821, 59 percent of which were conceived under consignment sales and customs warehouses agreements. 

Describing as "encouraging" the financial transactions obtained in four months, Herrera highlighted that EXIM contracts for US$22 million were achieved. 

"It shows us that it is possible to insert non-state-owned companies as clients in our economic chain," she said. 

Foreign Trade Minister Rodrigo Malmierca recalled that all forms of non-state-managed enterprises could export as long as the established rules were respected.

In July 2020, Foreign Trade Ministry approved a resolution that allowed commercial ties between state entities authorized to execute foreign trade activities and non-state management forms. 

The Central Bank also established procedures for the opening and operation of accounts in foreign currency.

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