Bahamians have for years now been travelling to Cuba for healthcare and tourism purposes but as the world of international trade continues to develop at a fast pace and globalization becomes increasingly important, Bahamians are now being encouraged to pursue trade relationships with Cuba.
The Cubans, according to the Vice-Minister of Light Industry of the Republic of Cuba, Mr. Domingo Coro Irigoyen see the importance of fostering trade relationships with their neighbouring country The Bahamas.
To this end, the second Cuban business trade mission to The Bahamas is taking place this week.
Mr. Coro Irigoyen heads a delegation of more than seventeen Cuban professionals from industries such as fishing, clothing and textile manufacturing, ship building, ship repair and other related naval industry services, steel manufacturing and medical services as well as a host of other industries.
At the opening ceremony, Tuesday night, a presentation was given which highlighted the principal industries in Cuba and provided a plethora of information as to how one could do business there.
The Cuban Chamber of Commerce representative, Frank Abel Portela said that to open a business in Cuba, the company’s directors would have to prove their having been in existence as a bona fide company for five years. After incorporation in Cuba, a five-year licence would be issued and on expiration, the licence would be renewable every three years.
He also explained that opportunities for business in Cuba are emphasized during two main trade fairs. The Havana international trade fair and ExpoCaribe.
The Bahamian Minister for Trade and Industry Leslie Miller referring to the quick-changing pace of global trade said, “in order to keep up with this change of pace we in the Caribbean will have to continue to make adjustments to meet new challenges and embrace new opportunities,” he said.
He also said that trade shows such as the Cuban trade show and the recently held Showcase Bahamas which was co-sponsored by the Bahamas Agricultural and Industrial Corporation and Jones Communications Limited provide opportunities for business persons to network and create new markets.
Minister Miller encouraged both Bahamians and the Cuban businesspersons there to take advantage of the opportunity presented.
Keith Carey, a Bahamian businessman has been doing business in Cuba for a few years now importing cigars from Cuba to The Bahamas. He is now looking at the possibility of boat building and fishing related businesses with Cuba.
Charles Stubbs who is in the farming industry said, ” I am looking to export vegetables and livestock for the hotel industry in Cuba.”
Stan Smith, an agronomist with the Department of Agriculture said that he was hoping to learn methods of improving his operations so that his staff could be in a better position to compete in areas such as crop production, processing or introducing new or different technology.
He gave the example of cascarilla cultivation in The Bahamas.
“Right now we are looking to see how we can improve debarking the cascarilla and extracting the oil and marketing it better,” he said.
Mr. Smith indicated that his department is looking at ways to sell the cascarilla oil directly from The Bahamas as opposed to the bark which is less profitable.
