EFE, via 14ymedio, Havana, 14 June 2018 — Spanish companies with a presence in Cuba seek to overcome the financial difficulties they face in order to maintain their privileged position in the market and increase investment, said visiting company representatives this Thursday in Havana.
“Cuba is a market and a country of the future, and when it is finally integrated into the global market, we Spanish companies have to be first in line,” said Alfredo Bonet, international director for the Spanish Chamber of Commerce, which organizes the XXII Spanish-Cuban Business Committee begun today in Havana.
Representatives of the Spanish business sector and its Cuban counterparts addressed, on the first day of the meeting, ways to overcome “the financial difficulties of the last two years,” according to Bonet, which affect approximately 250 Spanish companies with presence on the Island.
Specifically it has to do with the “the Cuban public sector’s unpaid debts” to these companies, explained the Spanish co-president of the bilateral committee, Jamie Garcia-Legaz, a problem that makes continued business projects as well as new investments on the Island difficult.
“The Cuban government is making every effort that is within its reach in order to make payments, although the macro-economic situation does not help either,” said Garcia-Legaz in relation to the recent bump Cuba experienced as a consequence of the deep crisis of recent years in Venezuela, its principal partner and defender in the region.
Thus, both parties have put in place financial tools in recent years, like the lines of support from COFIDES for the internationalization of small and medium businesses and especially the exchange fund created with 400 million dollars of debt that Spain forgave Cuba in 2015.
This fund, which still finances five operations and is looking at another five, “has permitted co-financing investments by Spanish companies and helping finance everything possible in local currency,” according to the international director of the Chamber of Commerce.
The Bilateral Committee meetings are held annually, though no meeting was held in 2017, and are the main channel of dialogue and connection between the Spanish businesses and Cuban authorities.
During Thursday’s work day, Garcia-Legaz and his Cuban counterpart at the head of the committee, Orlando Hernandez, signed the work program for 2018 and 2019, and tomorrow will conclude the meeting with institutional visits by the Spanish delegation made up of by 88 members.
After China and Venezuela, Spain is Cuba’s third commercial partner, to which it exports about 900 million euros’ of various products, from food to parts and machinery, according to data from the Chamber.
Translated by Mary Lou Keel
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