HAVANA: The Taiwan External Trade Development Council, a government sponsored trade promotion organization, has decided to explore business opportunities in Cuba at a time of improving ties between the United States and the Caribbean country.
The TAITRA said that the US and Cuba have been moving to normalize their relationship so it is likely that Havana will become more attractive to foreign investors.
The trade council cited a report released by the US-based think tank Peterson Institute for International Economics as saying that if ties between Washington and Havana thaw significantly, Cuba could attract US$5-$10 billion in foreign investments, which could give a boost to its economy.
The TAITRA said that it is possible for Cuba’s economy to grow more than 4% this year on the back of foreign fund inflows and growing financing. According to the TAITRA, investments in Cuba could rise 28.7% from a year earlier.
Holding an upbeat attitude about the Cuban market, the council said that it will send representatives to the former Soviet ally in June to collect information about the business environment there and will organize delegations to participate in trade exhibitions in the country in the future to seize as many opportunities as possible.
According to customs statistics, machinery for the production of rubber and plastics products made up the largest type of exports from Taiwan to Cuba in 2014, valued at US$1.3 million. It accounted for 27.40% of Taipei’s total outbound shipments to Havana.
The data showed that Taiwan also sold about US$1.23 million worth of chemical raw materials to Cuba, representing 25.75% of Taipei’s total exports to Havana last year, the second largest export category to that country.
As exports to Cuba from Taiwan remained small, with the economy in the Latin American country expected to grow significantly, the country has great potential for Taiwanese exporters to ship more of their products, TAITRA officials said.
In addition to Cuba, the TAITRA will continue to help Taiwanese exporters penetrate neighboring countries, such as the Dominican Republic and Panama, in a bid to have a comprehensive strategy in exports to the Latin American market, the council said.
