Be prepared when Cuba trade embargo goes

Diane Seukeran, Minister in the Ministry of Trade and Industry, on Friday told local manufacturers that they must be prepared when the Cuban trade embargo comes tumbling down.

Cuba, she said, is a “new and untapped market,” noting that TT must actively promote investments in Cuba, so the manufacturing base can be made even stronger. She was speaking at a press conference organised by the key players — the Tourism and Industrial Development Company (TIDCO) and the Trinidad and Tobago Manufacturers Association (TTMA) — on the recent trade mission to Cuba. The press conference was held at Republic Bank’s Promenade Centre on Independence Square. “Those sanctions are going to fall. The United States cannot continue to fight with Cuba. It is only a matter of timing,” she said.  “I just see a win-win situation” said Seukeran. Cuba, she warned,  is not an easy place to do business in, noting that there is no private sector. “Everything is owned by the government. Every musician, every taxi driver is a civil servant.” said Seukeran. The government, the manufacturers, the banks, and BWIA form the four pillars of investing in Cuba, said Seukeran.

Anthony Hosang, President of the Trinidad and Tobago Manufacturers Association described the misison as “very successful.” This latest TTMA trade initiative comprised 24 companies from various sectors in TT. BWIA’s first flight to Cuba was made to coincide with the TTMA mission. Hosang said that the mission learned about the prerequisites and processes for conducting business in Cuba. He said a trading company was “absolutely essential” to ensure the free flow of trade between the two countries. Anthony Jordan, Senior Corporate Manager of Trade and Finance, Republic Bank, emphasised that the Cuban market with its population of 11 million people is ripe for exploration. Republic Bank, he said, has opened a representative office in Cuba, which, he added, placed them “in a strategic position to facilitate financing and payment options.” Vishnu Dhanpaul, Vice President, Trade and Investment Unit, TIDCO, said TIDCO wants  to expand existing markets and to seek out new ones. He indicated that TIDCO has since signed various cooperation agreements and will be undertaking more trade missions to Jamaica and Costa Rica by November.