{"id":189703,"date":"2018-11-23T11:35:59","date_gmt":"2018-11-23T16:35:59","guid":{"rendered":"https:\/\/oncubanews.com\/en\/?p=189703"},"modified":"2018-11-23T11:35:59","modified_gmt":"2018-11-23T16:35:59","slug":"pedro-sanchez-agenda-in-cuba-boosting-trade-and-investments","status":"publish","type":"post","link":"https:\/\/oncubanews.com\/en\/cuba\/economy\/foreign-investment-in-cuba\/pedro-sanchez-agenda-in-cuba-boosting-trade-and-investments\/","title":{"rendered":"Pedro S\u00e1nchez\u2019 agenda in Cuba: boosting trade and investments"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">This week\u2019s <\/span><a href=\"https:\/\/oncubanews.com\/cuba\/presidente-del-gobierno-espanol-viajara-a-cuba-em-noviembre\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">visit to Cuba<\/span><\/a><span style=\"font-weight: 400;\"> of President Pedro S\u00e1nchez comes at a time in which Spain is seeking to enhance its investments on the island, immersed in a slow process of economic opening, and to give a definitive boost to the growing bilateral trade.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cI have no doubt that the president will devote an important part of his time to economic and commercial affairs\u201d during his stay in Havana this Thursday and Friday, the counselor of Spain\u2019s Commercial Office in Cuba, Federico Ferrer, said to the EFE news agency.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">S\u00e1nchez\u2019 trip to Havana has generated high expectations since it will be the first official visit by a Spanish head of government in 32 years \u2013 ever since Felipe Gonz\u00e1lez in 1986 \u2013 to a country with which Spain maintains strong historic, family and also economic and commercial links.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For the time being little is known about the president\u2019s agenda in Havana. He will be accompanied by a Spanish business delegation made up to a great extent by companies with businesses in Cuba or that are interested in entering the island\u2019s market.<\/span><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"5KROwQHX9G\"><p><a href=\"https:\/\/oncubanews.com\/cuba\/pedro-sanchez-viajara-a-cuba-con-gran-embajada-empresarial\/\">Pedro S\u00e1nchez viajar\u00e1 a Cuba con gran embajada empresarial<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"\u00abPedro S\u00e1nchez viajar\u00e1 a Cuba con gran embajada empresarial\u00bb \u2014 OnCubaNews\" src=\"https:\/\/oncubanews.com\/cuba\/pedro-sanchez-viajara-a-cuba-con-gran-embajada-empresarial\/embed\/#?secret=OIdorHd265#?secret=5KROwQHX9G\" data-secret=\"5KROwQHX9G\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0Spanish exports to Cuba reached 912.12 million euros between September 2017 and August 2018, a 5.7% year-on-year increase, and the European country\u2019s surplus regarding the Caribbean island expanded 14% to 791.61 million euros. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Spain, in addition, is on the way to consolidating itself as Cuba\u2019s second largest trade partner before Venezuela and behind the first, China, which in the opinion of the counselor reflects the \u201cbuoyant\u201d situation of bilateral trade.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ferrer explained that the sale of Spanish products in Cuba are relevant \u201cnot just because of the volume but also their composition, since they include the majority of the economic sectors,\u201d from foodstuff to electric material, machinery or hotel equipment, contributing \u201cin a very important way to the advance of the Cuban economy.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Pedro S\u00e1nchez\u2019 visit also comes at a time in which Cuba is seeking to attract foreign direct investment to mitigate its crisis due to lack of hard currency, attributed to the inefficiency of its economic system and the effects of the embargo imposed by the United States for almost 60 years.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cThe issue of the investments is marching a bit slowly and is one of the things that the presidential visit can contribute to improving and speeding up,\u201d the president of the Association of Spanish Businesspeople in Cuba (AEEC), Xulio Fontecha, affirmed to EFE.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fontecha expressed his optimism when underlining that \u201cthe legislation Cuba needs to advance in investments is already in place\u201d and Spain is in a privileged position to take advantage of this, especially in the tourist sector where it covers \u2013 in a joint management regimen \u2013 more than 70% of the hotel market, in the hands of giants like Meli\u00e1, Iberostar, Globalia or NH.<\/span><\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"z4QaEnFAgV\"><p><a href=\"https:\/\/oncubanews.com\/mundo\/europa\/un-nuevo-tiempo-para-las-relaciones-entre-cuba-y-espana\/\">Un nuevo tiempo para las relaciones entre Cuba y Espa\u00f1a<\/a><\/p><\/blockquote>\n<p><iframe loading=\"lazy\" class=\"wp-embedded-content\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; clip: rect(1px, 1px, 1px, 1px);\" title=\"\u00abUn nuevo tiempo para las relaciones entre Cuba y Espa\u00f1a\u00bb \u2014 OnCubaNews\" src=\"https:\/\/oncubanews.com\/mundo\/europa\/un-nuevo-tiempo-para-las-relaciones-entre-cuba-y-espana\/embed\/#?secret=ReQ7TfT7N6#?secret=z4QaEnFAgV\" data-secret=\"z4QaEnFAgV\" width=\"500\" height=\"282\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\"><\/iframe><\/p>\n<p><span style=\"font-weight: 400;\">\u201cWe need a bit more of a boost, speed, for those investments to arrive rapidly. There are Spanish investments on the waiting list, since the process is still very slow,\u201d the representative of the Spanish businesspeople regrets, and he trusts that S\u00e1nchez\u2019 visit will serve to favor a speeding up of the paperwork and procedures.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Spain has a consolidated business fabric on the island, with some 250 companies associated to the AEEC, although the immense majority are not large corporations but rather small and medium enterprises which at the moment are going through a delicate situation since their Cuban government counterparts owe them close to 300 million euros.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Fontecha affirms that \u201cthe situation is a bit concerning\u201d although \u201cat the same time of great expectation and hope, because we know that these crises are usually temporary and that Cuba always meets its payment obligations.\u201d<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Spanish businesspeople have passed on to their government this concern and they hope that Pedro S\u00e1nchez asks the Cuban authorities to try to speed up the payments or seek a solution, since many of the affected have invested their personal patrimony on the island and could run the risk of bankruptcy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201cEvidently a president doesn\u2019t come to collects debts, but he does come to contribute to better relations, for a fluency, for us Spanish businesspeople to be considered in a preferential way,\u201d the president of the AEEC said.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>This week\u2019s visit to Cuba of President Pedro S\u00e1nchez comes at a time in which Spain is seeking to enhance its investments on the island, immersed in a slow process of economic opening, and to give a definitive boost to the growing bilateral trade. \u201cI have no doubt that the president will devote an important [&hellip;]<\/p>\n","protected":false},"author":3614,"featured_media":189704,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13905],"tags":[17984,17887,14816,17983,17876,17985],"ppma_author":[34011,17268],"class_list":["post-189703","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-foreign-investment-in-cuba","tag-comercial-relationships-in-cuba","tag-cuba-and-spain","tag-cuban-economy","tag-cuban-market","tag-foreign-investment-in-cuba","tag-pedro-sanchez"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pedro S\u00e1nchez\u2019 agenda in Cuba: boosting trade and investments | OnCubaNews English<\/title>\n<meta name=\"description\" content=\"The visit of the Spanish President to Cuba seeks to enhance Spain\u00b4s investments on the island 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