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Country Guide > Caribbean > Cuba | |
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Business Profile Economy The agricultural component of Cuba’s economy is dominated by sugar, of which it is one of the world’s largest exporters. However, due to persistently low world prices throughout the 1980s and 1990s, the Government has attempted to diversify into other crops. Tobacco (Cuban cigars are renowned throughout the world) and citrus fruits are the most successful of these. Cuban industry is largely devoted to the processing of agricultural products but also produces cement, fertilisers, textiles, prefabricated buildings, agricultural machinery and domestic consumer goods. Tourism, the only significant service industry, has proved to be a growth industry and a vital source of foreign exchange; the Government has invested heavily in developing infrastructure for that purpose. Development of the Cuban economy has long been hampered by the blockade imposed by successive American governments (even though bilateral US-Cuban trade is estimated at US$300 million annually, mostly in telecommunications traffic and various financial instruments, such as credit cards). While the Soviet Union was able to provide aid and markets, especially for Cuba’s sugar output, this was not an insurmountable hurdle. However, during the last decade, since the demise of the USSR, Cuba has faced increasing economic difficulties. In June 2001, the lack of markets and low-world price forced the government to close down half the country’s sugar mills. Nevertheless, domestic reforms of the previously rigid state-controlled structure – opening up to foreign investment and creating export-processing zones – have allowed erratic growth to take place. A substantial informal dollar economy also grew up during the 1990s. As with the political structure in Cuba, most observers are awaiting what form of government emerges after Castro to determine which direction the economy will take. Argentina, Canada, China and Spain are Cuba’s main trading partners. Business Courtesy is expected and hospitality should not be lavish, being offered to groups rather than individuals. Best months for business visits are November to April. Office hours: Mon-Fri 0830-1230 and 1330-1630, some offices also open on alternate Saturdays from 0800-1700. Commercial Information The following organisation can offer advice: Cámara de Comercio de la República de Cuba, Calle 21, No 661, esq. Calle A, Vedado, Havana (tel: (7) 551 321/2/4 or 551 654 or 551 452 or 551 746; fax: (7) 333 042; website: www.camaracuba.cubaweb.cu). Conferences/Conventions Modern facilities are available at Havana International Conference Center, Pabexpo, ExpoCuba and the Varadero Plaza America. Further information can be obtained from Cubanacan UK Ltd, Unit 49, Skylines, Limeharbour, London E14 9TS, UK (tel: (020) 7537 7909 or 536 8173; fax: (020) 7537 7747; e-mail: administration@cubanacan.co.uk or director@cubanacan.co.uk; website: www.cubanacan.cu) or Buró de Convenciones de Cuba, COCAL, Edificio Focsa, Calle M entre la 17 y 19, Vedado, La Habana (tel: (7) 552 923 or 662 629; fax: (7) 334 261; e-mail: marketing@buroconv.mit.tur.cu; website: www.cubameeting.org) |