SA says its SEZs offer Cuba opportunities for investment

SOUTH Africa’s establishment of Special Economic Zones (SEZs) offers unparalleled opportunities for Cuban investment and participation, says deputy trade and industry minister Bulelani Magwanishe.

During the inauguration of the South African stand at the ongoing 35th Havana International Trade Fair, Magwanishe told his Cuban counterpart that South Africa would draw expertise in its advanced Company Law to share lessons with Cuba that was in the process of reorganising its Companies Act.

Magwanishe said literature, research and analysis would be shared to enhance the process.

“South Africa seeks cooperation in the areas of agro-processing, infrastructure development, mining, telecommunications and pharmaceutical sectors to name a few,” he said.

“Manufacturing is also a critical sector of our economy and cannot be underestimated due to its multiplier effects in employment creation and investment projects.”

Magwanishe said South Africa’s establishment of Special Economic Zones (SEZs) offered unparalleled opportunities for Cuban investment and participation.

“Therefore, opportunities for investment, participation and partnership in the SEZs and Black Industrialists Programme is welcomed for consideration by Cuba. The South African government pledges its honour to call upon Cuban enterprises to be preferential stakeholders in the above-mentioned opportunities. I am confident that our trade and investment relationships will grow from strength to strength in order to meet developmental goals of our economies,”

said Magwanishe.

Cuban foreign trade and investment deputy minister Ileana Nunez Mordoche said the support South Africa had given Cuba through the Economic Assistance Agreement had enable the island to purchase pneumatic tyres, plastic resin and vegetable seeds under the package.

“The experiences we possess should serve as a starting point where we strengthen our trade relations. We are aware of your meeting Gecomex which is our leading tyre importer and we assure you our support to continue business relations in Cuba and pledge our support to you,” said Nunez.

FIHAV is the largest annual multisector trade fair taking place annually since 1983. It is the most general trade fair in Cuba and the Caribbean as well as one with the most representative from Latin America. On Tuesday Cuba floated 456 projects for the year 2017-2018 Foreign Investment Portfolio opportunities amounting to US $10.7 billion.

Cuba says it needs at least US $2 billion annually in foreign investment to allow a dynamic economic growth anchored on the 2016-2030 national development plan

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