Cuba is on the rise – Deputy Minister Masina
The fact that three trade and investment business seminars between South Africa and Cuba have been hosted in less than two months confirms South Africa’s recognition of the rise of Cuba as an important economic player in the world. This was said by the Deputy Minister of Trade and Industry, Mr Mzwandile Masina. He was speaking at a business seminar that was hosted by the Department of Trade and Industry (the dti) on the margins of the Havana International Trade Fair in Cuba.
Businesspeople from South Africa, who are in Cuba on the first investment mission organised by the dti, as well as Cuban businesspeople attended the seminar.
“There is no doubt that Cuba is on the rise, hence this is the third interaction between businesspeople from the two countries in a period of 40 days. This confirms that we as South Africans recognise Cuba’s growing importance as a vital economic player in the world. It also underscores the concerted efforts of the two governments to increase bilateral trade and investment between the two countries,” said Masina.
the dti arranged an inward mission by a Cuban business delegation in September and hosted a Doing Business with Cuba seminar in Pretoria. Deputy Minister Masina was in Cuba last week as part of an SA delegation led by Deputy President Cyril Ramaphosa. A business seminar took place during the official visit.
Masina added the SA government was encouraged by the noticeable number of the country’s companies that have shown interest in investing in Cuba.
“We trust that our visit here will further collaborate and strengthen the interest that these companies have shown and result in their investment initiatives materialising,” added Masina.
Masina assured businesspeople attending the seminar that both Cuba and SA were in the process of setting up mechanisms to ensure that their investments in both countries were protected.
“We believe that once the Promotion and Protection of Investment Bill is passed into law, it will make it easy for Cuban companies to invest in South Africa and be protected. We also believe that the legislative reforms taking place in Cuba will also ensure that the investments of our companies in the country are protected,” said Masina.
Enquiries:
Sidwell Medupe
Departmental Spokesperson
Tel: (012) 394 1650
Cell: 079 492 1774
E-mail: MSMedupe@thedti.gov.za
Twitter: @the_dti
