2023-06-22 22:43:27
Italy is the fifth commercial partner of the Cuban government and wants to continue expanding its business, through some private companies, which have been in the Cuban market for decades, such as Farma Venda, which has been on the island for more than 40 years, although it would now expand opening retail stores.
Farma Venda is an Italian company with a presence in Cuba for several years and according to various press reports, it is preparing to open a retail business on the island, taking advantage of the legislative reform that allows the participation of foreign private capital in this sector.
This would be one of the first businesses of this type on the island, which would seek to improve efficiency and the supply of basic products for the population, although it would depend, as with the stores in Freely Convertible Currency (MLC), on hard currency.
He announcement Cuban President Miguel Díaz-Canel did this possible opening. During his visit to Rome, he met with Italian businessmen interested in investing and cooperating with his government.
ITALIAN BUSINESSES IN CUBA
Farma Venda is a company that operates with food, pharmaceutical and chemical entities, and is listed on the Milan stock exchange. According to the state media Cubadebate, it is one of the 50 Italian companies that have businesses on the island, some of them in the so-called Mariel Special Development Zone (ZEDM).
The Farma Venda project would also develop an electronic sales platform on the island, which would allow customers to access a variety of quality products at competitive prices. The Italian company already has the support of the Ministry of Domestic Trade (Mincin), which promoted the reform that facilitates the entry of foreign capital into wholesale and retail trade.
This government measure seeks to alleviate the shortage problems that Cuba has suffered for more than two years, due to the economic crisis, the pandemic and other factors. Cubans currently face shortages of food, medicine, fuel, and other essential goods, as well as frequent blackouts, partial dollarization, and high inflation.
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