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Cuba possesses favourable investment opportunities for South African businesses to explore. This was said by Ambassador of Cuba to South Africa, Mr De Cossio Dominguez at the South Africa-Cuba Economic Seminar that was hosted by the Department of Trade and Industry (the dti) in Pretoria today.

According to Ambassador Dominguez, the seminar provided an opportunity to usher in a new dawn for bilateral trade and investment relations between South Africa and Cuba as both countries remain strategic partners.

“Today, South Africa and Cuba continue to enjoy strong and cordial bilateral political relations. However, our strong political relations are not underpinned by robust trade and investment relations. The two-way trade between South Africa and Cuba increased from R55.6 million in 1994, when the two countries formalised diplomatic relations, to R73.5 million in 2010 but declined to R49 million in 2014,”  added Ambassador Dominguez.

Ambassador Dominguez said Cuba was engaged in a process of updating its economic model. South Africa is currently developing Special Economic Zones to encourage Spatial Industrial Development in the country. Similarly, as part of the economic model, Cuba is creating a special economic zone in the port of Mariel, which provides unlimited opportunities for the South African companies to invest in.

“This goes to show similarities between our two economies and potential for our countries to identify and cooperate in various sectors. A portfolio of opportunities exists in 246 projects worth US$8.7 billion in 11 strategic sectors of the Cuban economy, including agribusiness, biotech and pharmaceutical, tourism, renewable energy, construction, oil exploration, mining, industrial production,” said Ambassador Dominguez .
In implementing the Industrial Policy Action Plan, South Africa has prioritised sectors that amongst others include manufacturing, metal fabrication, capital and transport equipment; agro-processing; plastic, pharmaceutical, chemicals and cosmetics; including oil and gas.

Chief Director of Export Promotion and Marketing at the dti, Ms Zanele Sanni, encouraged the South African companies to take advantage of the visit by the Cuban business delegation to forge business-to-business linkages with a view to concluding deals and possible joint ventures.

“Using various export promotion tools such as exhibitions, business seminars and pre-arranged business-to-business meetings, the department assists businesses in priority sectors to access export markets; fulfil trade leads with the objective of profiling South Africa as a preferred trade partner and showcasing South African export capabilities in these priority markets, said Sanni.

CAPTION: Ambassador of Cuba to South Africa, Mr De Cossio Dominguez

Issued by The Department of Trade and Industry