Trade between the two countries has collapsed and only multinationals, such as Nestlé and Roche, are holding on
14ymedio, Havana, August 28, 2026 / Swiss companies doing business with Cuba do not appear to share the enthusiasm of Auge, a private consultancy dedicated to business advice and development on the island. The firm recently celebrated its admission to the Swiss-Cuban Chamber of Commerce as a gateway to “new markets, alliances and opportunities,” but the organization it has just joined offers a far less promising picture of Cuba.
“When a Swiss company does business with Cuba, the state banks can issue payment orders, invoices or guarantees. But afterward, it almost never manages to collect,” said Ursin Mirer, president of this Chamber of Commerce, in a report published this Thursday by Swissinfo. The organization now has around 40 member companies, down from the 60 or 70 it once had. “Companies don’t feel protected,” Mirer summarizes.
This diagnosis contrasts with the tone Auge used when promoting its admission to the Chamber on June 10. “The world is full of opportunities. We keep weaving the network to bring them to our country,” the consultancy stated, presenting its membership as an opportunity to access B2B spaces, exchange forums and business databases that will allow it to “think big.”
“The report makes clear that the obstacles to trading with Cuba do not end in Washington”
The very headline chosen by Swissinfo, “Swiss trade in Cuba is being choked by fear of U.S. sanctions,” attributes considerable weight to Washington’s measures. European and Latin American banks, the outlet explains, avoid many operations related to the island for fear of exposure to the U.S. sanctions regime, a phenomenon known as de-risking. However, the report makes clear that the obstacles to trading with Cuba do not end in Washington.
“One of the causes lies in Cuba’s state-dominated economic system, and in the chronic shortage of foreign currency,” Swissinfo notes. That situation prevents entities on the island from regularly meeting their debts to foreign companies. When asked what would need to change to win the business back, Mirer likewise does not mention only sanctions: “First there is legal certainty, followed by real protection for foreign companies and, finally, the currency issue.”
The numbers bear out the pessimism. Swiss exports of paper and cardboard to Cuba exceeded 2.7 million francs in 2025, but in the first half of this year they barely reached one million. Watch sales fell from 1.4 million to just over 357,000 francs (1 Swiss franc is equivalent to 1.23 dollars), and pharmaceutical sales stayed below 9,000 francs between January and June. Small and medium-sized companies, less able to withstand payment delays, have been scaling back their activity or leaving the Cuban market outright. Among the large companies that remain are Nestlé (food) and Roche (pharmaceuticals).
“One of the companies still holding on, Nestlé, has known the problem since the early years of the Revolution”
The outlook was considerably brighter just seven months ago. During a business gathering held in late January in Havana, Harold Hoffman, vice president of the Chamber, told the state broadcaster Radio Progreso that Cuba offered opportunities because its market was “quite promising,” something Swiss business owners needed to “take advantage of.” The event aimed precisely to encourage foreign investment and expand business ties.
The Swiss Embassy itself, under whose sponsorship the Swiss Business Night was held, was somewhat more cautious at the time. The focus of that meeting was Cuba’s energy crisis, described by the diplomatic mission as a “real operational vulnerability” that affects production, raises costs and “curbs investment.” The panel was moderated by Oniel Díaz Castellanos, co-founder of Auge and a collaborator with that business circle before formally joining the Chamber.
The difficulties in convincing Swiss business owners of the merits of the Cuban market are not new either. One of the companies still holding on, Nestlé, has known the problem since the early years of the Revolution.
Before “going far” in Cuba, the challenge can be much more basic: getting paid
In October 1960, Fidel Castro’s government nationalized three food companies with significant interests belonging to the Swiss multinational. After years of negotiations, Havana and Bern reached an agreement in 1967 for 18,039,000 Swiss francs to compensate for property, rights and other interests affected by the revolutionary measures.
Switzerland committed to purchasing 40,000 tons of Cuban sugar annually for eight years, with part of that revenue used to pay off the compensation. In this way, Cuba was able to compensate those affected while simultaneously securing a buyer, obtaining foreign currency and preserving an economic link with a major foreign company.
Almost six decades later, the words have changed less than the problems. Cuba needs buyers, investment and hard currency more than ever, while foreign companies are once again demanding guarantees to get their money back. U.S. sanctions make transfers far more difficult today and explain a significant part of the deterioration, but even business representatives interested in maintaining ties with the island point to internal problems that Washington cannot solve.
Auge, meanwhile, prefers to see the glass as half full. Its new membership, the consultancy stated, will help “invigorate the way we do things” and allow its clients to worry only “about going far.” The experience of some of its new Swiss partners suggests that, before going far in Cuba, the challenge can be much more basic: getting paid.
Translated by GH
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