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Foreign Investment in Cuba

Italy’s Italsav to Open Shopping Center in Havana

italsav
Image: Italsav.it

Italy’s Italsav Ltd. announced the company will open a jointly managed shopping center in Havana.

Italsav owner Berto Savina said the mall will open by the end of this year. The company will manage the business and take care of product importation. Sales and staff hiring will be handled by the Cuban government employment agency.

As to the location of the shopping center, there are two or three possibilities and to date, no decision has been made.

Mauro Fusano of The Maury’s Group, one of Italy’s leading large-scale specialty retailers, will partner in the venture.

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Italsav holds a business license with Cuba and is the largest importer of cleaning products to the country. It operates stores across the Island.

The company has been importing products, basic goods, souvenirs and clothing to Cuba for over thirty years. Today, the firm is the leading importer of detergent products to the island.

Savina opened several TODOX stores in Cuba where products sold for a dollar.

Italsav’s exclusive brand Agua y Jabó is the largest beauty and hygiene products outlet in Cuba with 48 stores across the Island, operated by the TRD Caribe chain.

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During the Covid-19 pandemic, Italsav donated medical devices (PPE) and syringes to Cuba. The company also built a children’s dinosaur park, the largest in Latin America, in Eastern Cuba. Italsav also paid for the 500th anniversary celebrations in Santiago as a gift to Cuba. The fireworks displays were executed by the Canadian company Fireworks FX.

Foreign investment in Cuba’s retail sector

In 2022, Cuba announced it would allow foreign investment in the wholesale and retail sectors via joint ventures. The policy was one of the additional measures to boost economic growth to the nation, currently experiencing a crisis as it recovers from the pandemic and endures continued U.S. sanctions.

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