Government will assist companies seize trade and investment opportunities in Cuba – Deputy Minister Masina
The South African government will support companies which want to take advantage of the trade and investment opportunities in Cuba to realise their objective. This is the view of the Deputy Minister of Trade and Industry, Mr Mzwandile Masina.
Masina returned to South Africa on Thursday after leading a 35 member business delegation comprising of exporters and investors to Cuba. The exporters participated in the 33rd Havana International Trade Fair while a group of investors were part of the first investment mission to Cuba to be organised by the Department of Trade and Industry (the dti).
“In all our interactions with the Cubans during the two visits that I undertook to Cuba in a week, we have been reiterating the same message that we need to strengthen our economic relations and work hard in order to increase bilateral trade between the two countries.
I was inspired by the commitment expressed by both the government and business leaders of Cuba to achieving this goal. We are all sharing the same view that our strong and cordial political relations must be underpinned by tangible growth in trade and investment between the two countries,” says Masina.
He cited the Doing Business in Cuba seminar that the dti hosted in Pretoria in September, last week’s official visit to Cuba by Deputy President Cyril Ramaphosa which he was part of, and the trade and investment mission that he led to Cuba this week as some of the initiatives that the SA government has implemented to boost economic relations with Cuba.
“Some of the companies that we took to Cuba this week had their first contact with the Cubans during the inward mission by the Cubans that our department organised. It was through this interaction that they identified areas of cooperation, possible joint ventures and partnerships. They then went to Cuba to take their discussions forward and I am hoping to hear good stories from them when they return home,” says Masina.
While in Cuba, Masina told the SA businesspeople who were in the country to seek investment and trade opportunities and that the SA government will support them in their endeavours to invest in Cuba or trade with Cuba. He said it should be reassuring to the SA companies to learn that their investments will be protected in Cuba as the country has unveiled a new investment law containing a legal framework that guarantees the protection and security of foreign investments.
He explained that in addition to the protection provided by the new Cuban legislation, and the bilateral treaty on protection and promotion of investments that the two countries have signed, South African companies will also receive guarantees from the Export Credit and Insurance Corporation (ECIC). ECIC is an agency of the dti responsible for insuring the export component of investments done by SA companies in foreign countries.
The Cuban government has published a portfolio of investment opportunities containing 326 projects worth more than US$8.1 billion in 12 sectors of the country’s economy with the aim of attracting foreign investments. The priority sectors include tourism, construction, agriculture, transport, health, renewable energy, mining, agriculture and pharmaceuticals.
Enquiries:
Sidwell Medupe
Tel: 012 394 1650
Cell: 079 492 1774
E-mail: MSMedupe@thedti.gov.za
