Cuba Prepares a Programme for Economic Development

The President of the Bulgarian Chamber of Commerce and Industry, Mr. Tsvetan Simeonov had a meeting with the Ambassador of Cuba H.E. Mme. Teresita de Jesús Iluminada Capote Camacho. Possibilities for mutual cooperation and the economic situation in the country were discussed. 

Mme. Capote informed Mr Simeonov that Cuba still has a planned economy, but is envisaging reforms in healthcare, defence and education. A reform of the tax system is expected, which hasn’t functioned until now. Besides, in April this year a Programme for Economic Development of Cuba will be adopted, which was developed with the participation of all Cuban citizens. A lot of foreign investments have been made in the country, especially in the field of tourism. The Foreign Investment Act in Cuba has been in force since 1995. About 2 million tourists visit the country every year – half of them are from Canada and the rest mainly from Spain, Italy and Russia. At present the aim of Cubans is to tackle bureaucracy. The country intends to discharge many state employees and to orient them towards the private sector. In Cuba there are already SMEs, mainly in the services sector. The state provides people with land to use for free for an indefinite period of time, as long as they cultivate it. Foreign citizens and companies aren’t allowed to buy land, but there are joint companies. Her Excellency said that the relations between Cuba and the USA are warming up and despite the lack of diplomatic relations there are Interest Sections in both countries.

BCCI’s President expressed his interest in the international events held in Cuba, which Bulgarian companies may attend or participate in. Mme. Capote made a short presentation of the upcoming tourist exhibition in Havana from 2nd to 7th May 2011 www.fitcuba.com

Mme. Capote also informed Mr. Simeonov that Cuba has put an end to the work of the Bilateral commission for economic cooperation between the governments of Cuba and Bulgaria.

BCCI undertook to organize together with the Embassy of Cuba in Sofia a presentation of the new Programme for Economic Development of the country in May – June 2011. The two parties also agreed on a visit by Bulgarian businessmen, led by the BCCI, to the International Fair for Investment and Consumables FIHAV from 31st October to 5th Novermber this year.

29.03.2011