Despite the enduring economic embargo imposed by the United States, Cuba welcomed a diverse array of more than 800 companies hailing from over 60 countries on Monday, as it played host to a high-profile business fair.
The event, which runs from November 6 to November 11, serves as a testament to Cuba’s determination to seek new investment avenues.
The event has been attended by businessmen from several countries, including Spain, Russia, Iran, and China.
Ricardo Cabrisas Ruiz sets the tone
Kicking off the business fair, Ricardo Cabrisas Ruiz, former Cuban foreign trade minister, delivered an impassioned address to the gathering.
Ruiz emphasized the ongoing efforts to mitigate the negative repercussions of the economic, financial, and commercial blockade imposed on Cuba.
The sanctions have prohibited Cuba from engaging in trade or commercial activities with the United States.
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A complex web of sanctions
The U.S. embargo against Cuba has been enforced through a web of legislative acts spanning over a century.
These include the Trading with the Enemy Act of 1917, the Foreign Assistance Act of 1961, the Cuban Assets Control Regulations of 1963, the Cuban Democracy Act of 1992, the Helms–Burton Act of 1996, and the Trade Sanctions Reform and Export Enhancement Act of 2000.
Miguel Díaz-Canel commends international confidence
Cuban President Miguel Díaz-Canel expressed his satisfaction at the “massive” participation in the business fair, considering it a strong indicator of other countries’ confidence in Cuba.
He noted, “This is the largest fair with the most participation, in terms of businessmen and countries, that we have had in the last five years,” the president said. “It means that there is support from the international business community.”
Shifting focus towards private enterprises
Jay Brickman, Vice President of Crowley Shipping and Logistics Company, highlighted a significant shift in the Cuban government’s policies.
He noted that the emphasis has tilted towards medium and small businesses, while state entities have taken a somewhat diminished role. This shift has brought new dynamics to the Cuban business landscape.
Hugo Cancio introduces DeCancio Foods
Cuban-born Miami businessman Hugo Cancio made an exciting announcement during the event – the launch of a new food-related brand in Cuba, DeCancio Foods. This bold move underscores the growing appeal of Cuba’s business environment to international entrepreneurs.
Cuba’s diplomatic moves amidst challenges
While Cuba’s foreign trade minister and president were actively engaged in the business fair, Cuban Prime Minister Manuel Marrero embarked on a diplomatic mission to china to meet Chinese authorities and businessmen.
