{"id":256762,"date":"2022-08-18T17:26:40","date_gmt":"2022-08-18T21:26:40","guid":{"rendered":"https:\/\/oncubanews.com\/en\/?p=256762"},"modified":"2022-08-18T17:26:40","modified_gmt":"2022-08-18T21:26:40","slug":"cuba-allows-foreign-investment-in-wholesale-and-retail-trade","status":"publish","type":"post","link":"https:\/\/oncubanews.com\/en\/cuba\/cuba-allows-foreign-investment-in-wholesale-and-retail-trade\/","title":{"rendered":"Cuba allows foreign investment in wholesale and retail trade"},"content":{"rendered":"

Cuba announced this Monday that it will allow foreign investment in wholesale trade, and through joint ventures also in retail trade.<\/span><\/p>\n

The announcement is part of a package of relaxation measures aimed at boosting the economy, affected by a severe crisis.<\/span><\/p>\n

First Deputy Minister of Foreign Trade and Foreign Investment Ana Teresita Gonz\u00e1lez affirmed in the Mesa Redonda television program that these are \u201crisky measures that do not solve the problems on their own\u201d for Cuba, immersed in a \u201ccomplex scenario.\u201d<\/span><\/p>\n

Their goal, she added, is to achieve greater efficiency in national retail trade. \u201cWe seek for them\u2026to have an immediate impact on the problems of shortages\u201d suffered by Cubans.<\/span><\/p>\n

Foreign investors will be able to create entities for trade in the wholesale market and form joint ventures, in a \u201cselective way,\u201d to \u201ccarry out retail trade activities.\u201d<\/span><\/p>\n

\"First<\/a>
First Deputy Minister of Foreign Trade and Foreign Investment Ana Teresita Gonz\u00e1lez. Photo: Mesa Redonda.<\/figcaption><\/figure>\n

These new enterprises will focus on the sale of \u201craw materials, supplies, equipment and other goods\u201d to \u201cpromote the development of national production,\u201d as well as supply food, toiletries and even electricity generation systems from renewable sources.<\/span><\/p>\n

Until now, she added, foreign investment had been limited to production, and trade was restricted to state-owned entities. She also said that these products will be offered in Cuban pesos (CUP) and freely convertible currency.<\/span><\/p>\n

For her part, Minister of Domestic Trade Betsy D\u00edaz said that \u201cthe trade sector also needs foreign investment.\u201d However, it has not been fully opened. Access is no longer restrictive, but the priority actor continues to be the state, she emphasized.<\/span><\/p>\n

\"Minister<\/a>
Minister of Domestic Trade Betsy D\u00edaz. Photo: Mesa Redonda.<\/figcaption><\/figure>\n

D\u00edaz added that the initiatives of this type of foreign investors with experience in Cuba and \u201callied countries\u201d will be prioritized.<\/span><\/p>\n

Gonz\u00e1lez announced that some non-state entities will be allowed to carry out foreign trade activities, both import and export. But, she stressed, Cuba has not \u201crenounced the monopoly of foreign trade\u201d nor does it plan to do so.<\/span><\/p>\n

The Cuban State, she stressed, will always maintain control, although \u201ccertain private actors\u201d may participate in the \u201coperation.\u201d<\/span><\/p>\n

Imports, she said, will be restricted to those who have their own foreign exchange for this activity without the need for financing and are able to obtain \u201cbetter prices for the Cuban population\u201d than the state enterprise.<\/span><\/p>\n

EFE\/OnCuba\/Cubadebate<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"

The announcement is part of a package of relaxation measures aimed at boosting the economy, affected by a severe crisis.<\/p>\n","protected":false},"author":3134,"featured_media":256766,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13902],"tags":[20271,17876,33530],"ppma_author":[33546],"class_list":["post-256762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cuba","tag-economic-crisis-in-cuba","tag-foreign-investment-in-cuba","tag-reordering-task"],"acf":[],"yoast_head":"\nCuba allows foreign investment in wholesale and retail trade | OnCubaNews English<\/title>\n<meta name=\"description\" content=\"The announcement is part of a package of relaxation measures aimed at boosting the economy, affected by a severe crisis.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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