Foreign Investment with Slight Impact on Cuban Domestic Trade

Foreign Investment projects targeting retail and wholesale domestic trade in Cuba show slight advancement, according to information released Tuesday by the Cuban Parliament’s working commissions.

Domestic Trade Minister Betsy Diaz announced the start of operations of a joint venture known as Gran Ferretero S.A., in the wholesale market of hardware and construction materials.

In her report to the Parliament’s Commission for Attention to Services, the Minister announced the ongoing implementation of an International Economic Association deal with the company FAIBUS.SA in the commercialization of foodstuffs, home and hygiene products.

The government official also referred to the setting up of another five joint ventures in the retail and wholesale sectors, while contacts are underway in several countries to consider foreign investment projects in different modalities.

In August 2022, Cuba adopted measures aimed at reactivating its economy and encourage foreign investment, particularly targeting retail and wholesale markets.

According to the general director for foreign investment at the Domestic Trade Ministry, Carlos Luis Jorge Mendez, the new business projects aimed at solving the dealing with the prevailing shortage of consumer goods in the country and contribute to resupply local markets selling in Cuban national currency.

Drom wikipedia:

The National Assembly of People’s Power (Spanish: Asamblea Nacional del Poder Popular) is the unicameral parliament of the Republic of Cuba. It is currently composed of 470 representatives who are elected from multi-member electoral districts for a term of five years called consejos populares. The current President of the Assembly is Esteban Lazo Hernández. The Assembly only meets twice a year, with the 31-member Council of State exercising legislative power throughout the rest of the year.^[2] The most recent elections were held on 26 March 2023. The number of deputies previously was at 605, but was reduced to 470 for the 2023 election.^[3]

With information from ACN and wikipedia.com