Cuba Reassures Economic Guaranties for Foreign Firms

Cuba is pledging to stick to the economic guaranties it has traditionally given to international financial institutions and foreign companies that do business with the island nation. Cuba’s Minister of Foreign Trade, Raul de la Nuez, speaking before a group of entrepreneurs that attended Havana’s 22nd International Fair, assured there won’t be any problems as far as availability of hard currency funds are concerned.

Mr. de la Nuez was clearly referring to the Cuban government’s recent decision to call off the circulation of U.S. dollars in the national territory and replace greenbacks with convertible pesos.

Minister de la Nuez explained this is a response to “the U.S. economic aggressions and pressures to bar Cuba from making deposits of U.S. dollars in banks overseas and hamstring its ability to fulfill trade obligations.”

Mr. de la Nuez insisted “the country’s availability of hard currency funds for trade obligations won’t be affected in the least.”

The high-ranking Cuban official noted that amid countless difficulties, the island nation’s economy grew between January and September as much as it did in the same period of time last year.

He also pointed out good outcomes in the tourist sector and a 20 percent increase in trade volume as a result of a 34 percent spike in exports and a 15 percent hike in imports.

In the same breath –Mr. de la Nuez went on to say- Cuban authorities are determined to stir up exports and move on with the trade integration process of Latin America and the Caribbean through the many bilateral agreements Cuba has inked with a dozen nations in the region. Furthermore, the island nation is planning to expand trade with Europe, Canada, China, Vietnam and some Africa states.