Support for the Bulgarian Business in the Markets of Cuba

Business | November 2, 2017, Thursday // 16:47
Bulgaria: Support for the Bulgarian Business in the Markets of Cuba Source: Pixabay

Bulgarian projects can receive state support for a faster entry into the Cuban market, the ministry of the economy said.

Bulgaria will prepare specific projects that may be of mutual interest and present them to the Cuban government. If approved, they will receive full state support for a swift realization. This was taken as a commitment during a meeting between Bulgaria's Deputy Minister of Economy Alexander Manolev and Ricardo Cabrizas Ruiz, Vice-President of the Council of Ministers and Minister of Economy and Planning of the Republic of Cuba, reports BloombergBG. 

"At present, Bulgarian companies interested in doing business in Cuba have difficulties in preparing all the required documents and obtaining authorization regimes to be admitted to the island's market," said Deputy Minister Manolev. He added that it had already been agreed with the Cuban Chamber of Commerce to assist such companies, but a strong impetus to bilateral economic relations could also give the executive institutions the commitment to this process.

"Let's start with several projects that are of mutual interest and behind which are well-established companies in their sector. They can be presented to you by our ministry and in case they are approved to receive administrative and other support for quicker investment, "Alexander Manolev suggested.

The Vice-President of the Council of Ministers, Cabrizas Ruiz, has adopted this approach and hopes that such projects be dealt with and given the necessary priority if they meet the country's requirements. The two agreed to discuss concrete proposals in early 2018.

Cuba's GDP amounted to 132.9 billion dollars in 2016 and ranked 78th in the world. The country imports mainly petroleum, food products, machinery and equipment, chemical industry products and more. In 2016, the country's imports amounted to 12.34 billion dollars.

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