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Foreign Investment in Cuba

RusMarket to Open a Store in Cuba

Russian trading house RusMarket announced plans to open its first store in Cuba in collaboration with the CIMEX Corporation. The joint venture will launch the introduction of Russian products on the island. The planned opening is slated for March 2024.

RusMarket’s general director, Alexander Belchikov, highlighted the longevity of the project, as the first-ever store showcasing Russian products in Cuba. The joint venture aims to begin operations by the end of the year. The new store will primarily offer food products, expanding in the future to sell other merchandise. Future plans are in the works to sell car parts, machinery, construction equipment and materials, household appliances, textiles, and clothing.

RusMarket’s long-term goals

On the company’s future plans, Belchikov said, “The RusMarket project is intended for the long term and includes the opening of the first store of Russian products on the island since most of the Cuban population remembers these goods, so we will create a joint venture that will start operating before the end of 2023.”

The Russian company recently participated in the Havana International Fair (FIHAV), presenting a range of products for the upcoming RusMarket stores at the Russian pavilion.

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According to Belchikov, Russia-Cuba bilateral relations are experiencing a boom, not only government to government but also increasing participation in the business sector.

“We want to introduce Russian products to the Cuban market and, in the same way, serve as a gateway to Russia for Cuban products; our company aims to become a link between the two countries,” he said.

The Rusmarket announcement is positive, especially in the context of Cuba’s persisting food crisis. It’s a win-win for both parties. On the Russian side, companies can export a variety of their food products. Recently, the National Center for Animal Health of the Cuban Ministry of Agriculture approved two Russian dairy companies. The two approved businesses are the Planta de Conservas de Lácteos Korenovsky S.A. and the Fábrica de Helado Verdadero S.L., which manufactures ice cream products under the brand name Korovka iz Korenovki.

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