Nearly 50 Spanish companies have met for two days in Havana
"Spanish investment in Cuba could increase if the necessary financial conditions were met and if Cuba opened up new opportunities in other productive sectors." These were the words of the president of the Higher Council of Chambers of Commerce. Javier Gómez-Navarro, during the inauguration of the XV meeting of the Spanish-Cuban Cooperation Committee, which has been held, during these days, in Havana and which has brought together about fifty Spanish companies.
Regarding financing, Gómez-Navarro stated that, "given that Spain is one of Cuba's leading trading partners and investors, it is understandable that financial problems have accumulated. Official credit lines are currently blocked, and the business community hopes that solutions will be found to open up new opportunities."
Likewise, the president of the Superior Council of Chambers stated that, regarding the accumulated debt, "we have already suggested to the Cuban government on previous occasions the possibility of using it to generate new investments, an exercise for which there are a wide variety of formulas."
During his speech, Gómez-Navarro stated that although Spanish companies occupy a prominent place in the Cuban economy, other countries, such as Venezuela, China, Germany, and the United States, are now vying for that position. "This situation warrants a thorough bilateral discussion to ensure our companies do not miss out on opportunities on the island."
Nearly fifty Spanish companies, led by the president of the Higher Council of Chambers of Commerce, Javier Gómez-Navarro, traveled to Havana this week to participate in the 15th Meeting of the Spanish-Cuban Business Cooperation Committee. The objective of the meeting was to revitalize economic cooperation between Havana and Madrid.
The Spanish business delegation has held several meetings with Cuban authorities, including the Minister of Tourism, Manuel Marrero, the Minister of Basic Industry, Yadira García Vera, the Minister of Foreign Trade, Raúl de la Nuez, and the Vice President of the Central Bank, René Lazo.
During these days, Spanish companies have also had the opportunity to learn firsthand about the new business opportunities opening up on the island, as well as the financial systems of Latin America and Europe. In addition, the Chambers of Commerce have organized two roundtables specializing in tourism and basic industry and energy, sectors that could be priorities for the modernization and development of Cuba.
According to the latest data, trade between Spain and Cuba exceeded €769 million in 2006. Specifically, Spanish exports totaled €629 million and imports €139 million, resulting in a trade surplus for Spain of €490,2 million. These figures make Cuba Spain's third most important market in Latin America, after Argentina and Mexico. Spain, for its part, is Cuba's third largest trading partner, after China and Venezuela.
Regarding investment, Spain continues to lead the way, both in terms of the number of projects and the absolute amount invested, followed closely by Canada and Italy. Total Spanish investment reached approximately €850 million between 1996 and 2006. While figures were negative in 2004, investment rebounded in both 2005 and 2006. The tourism sector stands out, with nine of the twelve foreign tourism companies operating on the island being Spanish.
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