Cuba: Stay ahead of the competition

ACTIVITY IN BRIEF

On June 11, our guest experts will address several aspects of doing business in Cuba. Come assess this market’s potential for your company.

THE MISSION PROGRAM

A UNIQUE OPPORTUNITY TO…

• Identify business possibilities for your company in Cuba
• Assess your development strategy for the Cuban market
• Hear entrepreneurs discuss their experience on this market
• Meet potential partners and key stakeholders for your projects in Cuba
• Assess the market’s potential for your business
• Understand the challenges and issues for Quebec companies

WHY CUBA?

Cuba is the largest nation in the Caribbean, with a population of 11 million inhabitants and a larger land area than other islands in the region. Boasting a higher level of development compared to other Caribbean countries, its market has several key factors that make it attractive for Canadian firms: an abundance of natural resources, favourable demographics, and growth that will be accelerating in the coming years.

Economic and diplomatic relations between Cuba and Canada have always been stable. They date back to the 18th century, when Canadian vessels would go trade fish and beer for rum and cigars. Canada is, in fact, one of the few countries with a Cuban embassy and consulate.

Cuba has several natural resources, a dynamic industrial sector, a strong tourism industry, and a stable economy. Its main natural resources are oil, iron, nickel, and copper. There is also significant tobacco, sugar, and coffee production in the country.

Trade in goods and bilateral investments between Canada and Cuba have been excellent for years. Canadian exports to Cuba represent $448 million; as for imports, they are valued at $562 million. Canada is Cuba’s main client for exports, with over 16% of the island’s total exports. As for Quebec, the province brought in a little over $8 million worth of exports from Cuba in 2013, and exported close to $83 million to the island, which makes Quebec one of Cuba’s top trade partners.

According to Industry Canada, 273 Quebec companies already do business with Cuba, and 158 others are interested in the market. This figure should rise rapidly in the next few years.

Cuba’s situation is going to greatly evolve in the coming months and coming years, and Canada is already one step ahead of other countries, thanks to its favourable diplomatic and economic relations with Cuba.

Cuba – facts and figures:

• A current population of close to 11 million educated individuals, 30% of whom are under the age of 24.
• The largest market in the Caribbean, and Canada’s leading partner in the region.
• The highest GDP in the Caribbean: $72.3 billion USD (2012).
• A market that is going to explode with demand in the coming years.
• A country that will face numerous challenges in the areas of energy, water treatment, waste management, and access to food.
• A new country where many things are still possible.

WHO SHOULD ATTEND?

All companies seeking to develop their business in Cuba or that want to learn more about the market. The activity will be of particular interest to businesses in the following sectors:

• Engineering companies/firms
• Equipment manufacturers (especially agricultural)
• Construction and infrastructure
• Cars and trucks
• Green technology/renewable energy
• Information technology and telecommunications
• Oil and natural gas
• Mining and metals
• Life sciences
• Investors
• International project management advisors
• Companies with prior experience on the Cuban market