Cuba wrapped up its 39th Havana International Fair (FIHAV) this week. Considering the numbers, the event was a tremendous success for Cuba.
Attendance at the leading trade fair in Latin America included more than 844 companies from 63 countries. The numbers show continued interest in entering the market despite the US embargo. Russia, China, Spain, Vietnam and Venezuela, countries with the strongest economic ties, had the largest presence at the fair. Again, this year, the Spanish pavilion had the greatest representation of businesses from different sectors.
The future looks promising, considering that more countries are conducting foreign trade in currencies other than the US dollar. It will help Cuba in relation to the US restrictions in banking transactions using the US dollar. Is it a telltale sign of things to come?
As usual, Cuba presented its new portfolio of opportunities, which offers 729 projects, 21 more than last year, valued at $34.4 billion.
FIHAV deals signed
The number of contracts signed at the FIHAV shows the increased interest in doing business with Cuba despite ongoing US sanctions. Companies signed 150 commercial agreements, 24 export contracts, ten import contracts, and 82 cooperation/letters of intent. These included production and services contracts, memorandums of understanding, and international economic partnerships. Perhaps the biggest win of the FIHAV was the three new investment deals (two joint ventures and one with 100% foreign capital) showcased at the fair.
The following countries signed international economic partnership agreements: Brazil, Canada, Germany, Italy, Mexico, Mozambique, Portugal, Russia, Spain, Venezuela and Vietnam.
The French company Malongó signed a foreign investment deal for coffee production with the Gran Piedra Baconao company.
There were some refreshing “firsts” at this year’s event. Cuban entrepreneurs and Cubans living abroad took part. Cubans living abroad with established businesses or in the process of setting up in Cuba, took part. FIHAV organized the first International Forum of Young Entrepreneurs, marking a significant milestone.
One hundred Cuban and foreign entrepreneurs attended. These small businesses operate in the science, innovation, information technology, communications, and agriculture sectors. Entrepreneurs, a growing segment of the Cuban economy, will be back at next year’s fair.
The ZED Mariel had a powerful presence at the FIHAV. ZED Mariel executives gave several presentations. The ZED Mariel directors organized a presentation and tour of the Mariel project for Russia, Colombia, and the Dominican Republic businesses.
This was not just an event for businesses in Havana. The Cuban pavilion housed 140 companies from the other provinces and Isla de la Juventud.
Russia and China continue to have a powerful presence at FIHAV
China had a 60% growth in the number of new companies attending the FIHAV this year. They exhibited in China’s pavilion, with the Chinese companies already doing business in Cuba.
Twenty Russian businesses exhibited in their nation’s pavilion No. 22. These included companies in the oil and gas, chemicals, computer technology, construction, automotive, food production, and services logistics sectors.
The continued presence of American business interests
A positive sign from the American business community was the presence of US-based companies involved in the agriculture, food, and transportation sectors.
At Friday’s closing ceremony, the Minister of Foreign Trade and Investment Ricardo Cabrisas said, “It has been possible to confirm that Cuba is not alone,” demonstrated by the outstanding presence of friends and partners and, the “encouraging and optimistic results show the growing interest of many countries to continue trading with Cuba.”
He also said it is significant having the presence of American companies, a sign that the country’s business sector continues to show consistent interest.
If you missed this year’s FIHAV, there is plenty of time to plan participation for the next event. The 40th edition of the Havana International Fair begins November 5 to 9, 2024.
