GBPA courts stronger trade ties with Cuba

GBPA courts stronger trade ties with Cuba



Cuba has a nominal GDP rate of $71.3 billion. Total exports in 2010 were

$3.1 billion, whilst imports totalled $9.6 billion. As Cuba looks to

bolster trade ties with The Bahamas, Freeport expects to play a

contributory role as a vital transportation provider.



This and other matters formed the basis of discussions as executives of

The Grand Bahama Port Authority, Limited (GBPA) warmly welcomed His

Excellency Ernesto Soberon Guzman, Ambassador Extraordinary &

Plenipotentiary of The Republic of Cuba during an official visit to

Grand Bahama.



Along with tourism, other important industries in Cuba's economy are

sugar, petroleum, tobacco, construction, nickel and steel. "Economic

reforms are evolving with changes in key areas, therefore we are very

favorable to concrete and real possibilities of us doing business

together," expressed GBPA Chairman, Ian Fair.



Ambassador Guzman was similarly disposed. "Prior to the 1980's Cuba

enjoyed a very special relationship with the Soviet Union which was very

helpful to us.



Now we are changing and looking to diversify," he expressed. "We are

trying to adapt our system to the world because we are not isolated in

this world."



Cognizant of the historical relationship between both countries, the

group was eager to discuss potential areas for future growth such as

agriculture, construction, natural medicine products, and other commodities.



A GBPA delegation is expected to visit Cuba's international trade fair

slated to be held in November to explore additional opportunities.



According to GBPA President, Ian Rolle, they look forward to further

dialogue and an exchange of ideas on various matters. "Freeport as a

location probably has more opportunity to do business with Cuba than

anywhere else in The Bahamas," he noted. "We enjoy diplomatic relations

and will diligently work together for the mutual benefit of both countries."



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