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Doing business with Cuba
16 December 2012
GRTU President Paul Abela, Deputy
President Philip Fenech and GRTU Executive on International Relations Abigail
Mamo have this week welcomed 2 counsellors from the Cuban Embassy in Rome while
on a Trade Mission to Malta. This was the first event of its type between Malta
and Cuba.
GRTU President gave an introduction of
how GRTU works and he proposed the signing of an MOU between the two businesses
representatives in both countries, which would further facilitate business. The
Cuban representatives said that the opportunities in Cuba are many especially
now that the country is in time of transitional, and this is the ideal time for
businesses seeking to do business with Cuba.
Cuba is an island country in the Caribbean and home to over 11 million people and is the most populous
island nation in the Caribbean, as well as the largest by area.
The Cuban representatives said that the
biggest sector in Cuba and the one that holds most opportunity is tourism. They
want to open the definition of tourism in Cuba in all its complexity, meaning
not only sea and sun but also music, culture, architecture, the people and as a
very secure destination. Foreign businesses having an interest to target
tourism will surely find opportunities and support. Cuba is also very
interested to export cultural and medical services.
The Cuba Investment Law provides
guidelines on the way investments are permissible. There are a number of
options for a business owner to invest however these are mainly based on joint
ventures with Cuban partners and in any case require the approval from the
Cuban Ministry of Foreign Investment.
A Maltese mission to Cuba is being
planned sometime next year. More information will follow together with additional
opportunities available in Cuba.
The Embassy in Rome also deals with
diplomatic issues between Malta and Cuba and the Visa system is simple but
would require for the passport to be sent to Rome and returned in a week and 30
days for the visa to be issued.
