Joaquín Samperio Sañudo, the head of the Association of Spanish Entrepreneurs in Cuba (AEEC), recently emphasized that there are viable business opportunities on the island, as mentioned in an interview with EFE. Celebrating its 30th anniversary, the group is actively participating in the Havana International Fair (Fihav), Cuba's most prominent business event. Spain stands out with the largest international presence, featuring 63 companies, five pavilions, and three chambers of commerce.
“Our presence here is a testament to the existing opportunities, though not without risks,” Samperio stated. He highlighted the critical role of the AEEC in guiding Spanish investors interested in the Cuban market. Understanding the "state-driven dynamics" of the Cuban system is crucial, he noted, marking a stark contrast to countries like Spain or Brazil.
Spain's Crucial Role in Cuba's Economy
Spain has emerged as a significant economic partner for Cuba, particularly in the food and tourism sectors, second only to energy-rich countries. Samperio pointed out the detrimental impact of U.S. sanctions on the Cuban economy, which pose a significant challenge to economic decision-making. The designation of Cuba as a sponsor of terrorism has been a severe blow to tourism, one of the island's vital sources of foreign currency.
Private Sector Growth and Challenges
Since the Cuban government's decision to allow private enterprise in 2021, the sector has seen substantial growth, providing new avenues for foreign entrepreneurs. However, Samperio mentioned that the private sector is still in the formative stages: “It’s a restructuring process that will take time,” he said.
Despite these challenges, Samperio affirmed that the AEEC enjoys a “very good dialogue” with the Cuban government, which offers “moral support” for their business activities. It is important to note that the organization must adhere to the regime's regulations, as they do not pay workers directly. Instead, they pay the government, which retains a significant portion of the foreign currency before paying workers in the national currency.