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Wednesday, October 28, 1998 Published at 17:13 GMT Business: The Economy Our men in Havana ![]() Hundreds of companies are expected at Havana's trade fair The Industry Minister, Brian Wilson, is to lead a trade mission to Cuba in an attempt to strengthen the UK's commercial links with the communist country. The Havana International Trade Fair, which opens on Monday, will boast more than 1,500 companies from across the globe. A total of 26 companies from the UK, including JCB Sales Ltd, beach buggy manufacturer Khaleej Cars Ltd, and commercial law firm Teacher Stern Selby, will be setting up stalls at the fair's first ever British pavilion.
He said the DTI receives a "surprisingly" large number of inquiries from British firms who want to deal with Cuban companies. The minister, who leaves on Sunday, said: "It is only right to respond to that demand. The Cubans have liberalised their markets and are anxious to promote two-way trade." Since the collapse of the Eastern Bloc, Cuba has been forced to push further into the world of capitalism. UK's 13th largest export market The loss of its Soviet trading partners hit the Caribbean island hard, but it pulled itself out of a downward spiral and its economy began to expand again in 1994. Cuba is now Britain's 13th largest export market. Principal UK exports are power generating machinery, specialised and general industrial machinery, dairy products, road vehicles and chemicals. British exports to Cuba were worth £27m in the first eight months of 1998, compared to less than £20m for the whole of 1997. In 1996, trade with Cuba earned the UK just over £24m - but at that time France's profit from trade with the country was eight times that.
However, the DTI says some companies which are sensitive to US pressure tend to be secretive about their dealings with Cuba. DTI spokeswoman Viv Shaw said that officially, the EU and the UK have never recognised the American legislation. She said: "Cuba is an emerging market with a great deal of potential for investment. "It is not just the obvious markets like engineering that are being targeted by UK companies. "There are opportunities for companies involved in the tourist trade and other areas, like the beach buggies and design and innovation companies." Colombia Commercial law firm Teacher Stern and Selby has represented Cuban entities for about 20 years. Mr David Teacher says the island offers "many opportunities" as an emerging economy, and he hopes to make more contacts at the fair. He said: "We act for some Cuban banks and some Cuban entities. "The DTI is very keen to increase trade with Cuba and there are clearly many opportunities there." At the end of his Havana trip, Mr Wilson will also visit Colombia to try to boost improving trade links with Britain. |
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