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Foreign Investment in Cuba

The Cuba-Russia Business Forum Opens Today

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The Cuba-Russia Business Forum and the 11th meeting of the Intergovernmental Commission on Trade, Economic, Scientific and Technical Cooperation begins today in Havana until May 19. The forum is a platform and venue for promoting bilateral trade and economic relations between Cuba and Russia. Business and government representatives will exchange ideas, explore investment opportunities, and foster economic cooperation. The expected outcomes will be a strengthening of economic ties and increased trade. 

Deputy Prime Minister and head of Foreign Trade and Foreign Investment, Ricardo Cabrisas, and Dmitry Chernyshenko, Vice President of the Government of Russia, are present. The Presidential Commissioner for Entrepreneurs’ Rights, Boris Titov, head of the Russia-Cuba Council, will speak at the Forum. 

On the meetings, Titov said that “thematic sections of the forum will touch upon the issues of transport logistics, bilateral cooperation in the development of agriculture, construction and processing industry, as well as the digital transformation of public administration in the Republic of Cuba based on Russian experience. These issues will be discussed with the participation of the leadership of the Chamber of Commerce of Cuba and representatives of commercial companies of the two countries.”

Cuban-Russian ties have increased in recent years. Earlier this month, Russia’s Presidential aide Maxim Oreshkin and Minister Cabrisas signed a memorandum of understanding on implementing the two countries’ investment initiatives in Havana.

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Foreign Minister Sergei Lavrov ended his tour in Havana while on official visits to other Latin American nations in April.

In September 2019, during the previous Business Economic Forum, the first Cuba Exhibition occurred in Moscow. Cuban export companies participated. At that time, 150 Russian companies signed agreements in health in endocrinology, urology, diabetic foot ulcers, and gynecology. 

Last January, Boris Titov met with the President, Miguel Díaz-Canel Bermúdez.

The 20th meeting of the Intergovernmental Commission is an event where representatives from the Cuban and Russian governments come together to discuss and enhance collaboration in various sectors.

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The Russia-Cuba Business Council comprises over 100 industrial and commercial companies, educational, and scientific institutions on the Russian side. It also includes representatives of several federal ministries and the Moscow mayor’s office. 

The Council will unleash the potential of trade and economic relations with the Island, including the promotion of domestic business interests on the markets of this country. 

The key areas of bilateral cooperation include energy, transport, medicine, the food industry, and tourism. The Council plays a crucial role in coordinating economic and technical cooperation, identifying priority areas for joint projects, and facilitating trade relations between Cuba and Russia. This meeting marks an important milestone in efforts to deepen and diversify the partnership between the two nations. 

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