Latin America & the Caribbean
Opportunities for UK companies
Cuba
Cuba is a unique market with one of the world’s few remaining centrally planned economies. Cuba is going through significant reforms with important political and economic changes led by a new President from a younger generation. Their economy is gradually opening to a significant degree of privatisation, while the state maintains the political and economic hegemony. More recently, there has been a profound transformation of its monetary system migrating to the Cuban pesos and changes in the business environment, leading to more interest from international companies due to the reduced risk of doing business in Cuba.
There are now more constitutional agreements in place and positive changes to the country’s regulatory framework, which have facilitated a more business friendly environment.
Market Detail
Whilst significant volumes of products and services are often re-routed via third countries to overcome US Embargo restrictions, trade figures are not representative. Total trade in goods and services (exports plus imports) between the UK and Cuba was £132 million in the four quarters to the end of Q3 2020, a decrease of 25.0% or £44 million from the four quarters to the end of Q3 2019[1].
UK business exporting to Cuba will find:
- Low labour costs
- One sole customer: government
- English is accepted as a business language
- Strategic position in the Caribbean
- Highly educated and skilled workforce
- Low crime and pollution rates
- Stable political environment
- Now a single currency: CUP
- Internet services available and in development
- Developing digital banking for the domestic market
- Private businesses gaining more independency & playing important role for the country
Opportunities in Cuba for UK companies:
- Renewable Energy
- Healthcare/ Biotech & Pharma
- Agriculture
- Tourism Infrastructure
- Food processing Industry
- Financial services
- IT & Communications
- Oil and Gas
