Economic Trends

Economic Trends

Treasure a jewel

When a product shows the highest quality, it invites you to taste it. That is one of the main directives of the Corporation Cuba Ron S.A., an important Cuban entity specialized in the elaboration of rums, sugarcane liquors, juices and compotes, besides baking powder, which is used for bread production.

FIHAV, Cuba’s largest commercial coffer

More than 900 enterprises from 70 countries converged from November 2nd to November 7th at the EXPOCUBA exhibition site, located in the outskirts of the Cuban capital city. All the companies had one and the same goal: to promote their products and services in the island during the 23rd Havana International Fair (FIHAV). 

The Guidelines are the most important economic news Cuban economic instrument. However, the road is not without difficulties. The Minister of Finance and Prices, Lina Pedraza Rodriguez, present at the meeting, said that the revenue and expenditure for the coming year including support activity levels under the Plan.

The Cuban economic news is changing. Two recent changes are not agricultural cooperatives and local renting state. Cubans can now build partnerships for economic and social purposes which manage their own resources and collectively cover their costs with revenue generated by their work.

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Headlining News

  • The Cuban government has begun to pay ahead of schedule the debt which was renegotiated with more than a dozen international creditors, in a first step to settle outstanding accounts that historically has been dragging, reported Reuters. Havana sealed in December 2015 an agreement with the Paris Club countries and managed to get 14 governments to forgive him 8,500 of 11,100 million still pending. The repayment of the remaining amount was structured over 18 years and the first payment of about $ 40 million, was made before October 31. "The Cuban government has paid the first installment and has done soon", said the French Ambassador to Cuba, Jean-Marie Bruno. Under the agreement with the Paris Club the 14 countries had a year to sign restructuring pacts that could include the establishment of local accounts, where a percentage of the money owed would be earmarked for development projects.

  • At the fairgrounds Expocuba more than 75 countries and 4 500 exhibitors have gathered since this Monday to seek business opportunities in the Caribbean largest shopping bag. Until November 4 Cuban entrepreneurs can showcase their results in the production of goods and services and present their interests in the search of foreign investment. Aiming for this, the Ministry of Tourism has arranged a larger exhibition area at the fair, for which presents a portfolio of 127 investment projects, including 25 for the construction of hotels, 97 in the form of hotel management with or without external financing and five dedicated to marine management. United States, Spain, France, Italy and Japan increased their participation, and Venezuela, China and Russia are the partners of the island most represented at the meeting.

  • The Roswell Park Cancer Institute, based in the city of Buffalo, will hold in the United States a clinical trial of a Cuban vaccine against lung cancer. The goal is to test the CimaVax-EGF, a treatment developed by the Molecular Immunology Center in Havana. The institute, one of the most important of its kind in the world, becomes the first American medical institution to receive approval from the Food and Drug Administration to test a Cuban medical therapy in that country. The clinical trial is expected to begin in November and to involve roughly 60 - 90 US patients. Although CimaVax-EGF does not provide a cure of the disease, it contributes to slow the growth of tumors and is less toxic than chemotherapy. In this regard, it has already shown promising results in Cuba, and other countries like Peru, Colombia and Bosnia and Herzegovina.

  • One of the most important groups in the contemporary world scene will tour Cuba. Odin Teatret will carry out from October 30 to November 25 a tour through several provinces. Based in the Danish town of Holstebro, Odin Teatret is led since 1964 by the Italian master Eugenio Barba. During his stay in Cuba they will present eight shows, which include one-person and group shows as well as a program of lectures, workshops, work demonstrations, audiovisual presentations, master classes and other exchanges. The tour will cover the cities of Las Tunas, Sancti Spiritus, Matanzas, Santa Clara, Camagüey, Pinar del Rio, Bayamo, Santiago de Cuba and Havana.

  • 25th edition of International Ballet Festival of Havana Alicia Alonso has started. The event, one of the most prestigious in the world of dance- will take place until November 6. Among the guests are the company Buenos Aires Ballet, under the direction of Federico Fernández; Dance Americanana -group composed of figures of the New York City Ballet and the Miami City Ballet-; Ballet West, also American, and the Canadian company Les Grands Ballets Canadiens. Also integrate the list Vlovajob Pru, led by François Chaignaud & Cecilia Bengolea; Martha Graham Dance Company, founded in 1929 by the celebrated dancer and choreographer Martha Graham; and Irene Rodriguez’s (Cuba). Also attending the Festival are choreographers Daniel Proietto and Demis Volpi, both Argentinian; Colombian-Belgian Annabelle Lopez Ochoa, Cuban Alberto Mendez and Ely Regina Hernandez, who created especially for the event, the pas de deux Winter.

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