Members of the business community say the Cuban market remains a lucrative one for them; both for import and export. This comes after the largest delegation to visit that country returned from the 2016 Havana Fair. This took place between October 31 and November 4.
The Cuban market also became attractive when outgoing US President Barack Obama had announced in December 2014 that the US would be lifting the trade embargo with Cuba.
But even though much is happening in that country–stemming from the death of former President Fidel Castro last week–members of T&T business community say they are still very interested in that market comprising a population of 11 million people.
Describing the trip as very success, Manufacturers Association president Dr Rolph Balgobin said close to 100 people comprise the delegation. He said leaders of businesses attended and not just their representatives.
In high praise of the attendance of the Trade Minister Paula Gopee-Scoon as the head of the delegation, Balgobin said the T&T businesses were able to have ministerial consultation with the Cuban authorities.
"That opened all sorts of opportunities in terms of doing reciprocal trade. We saw things that Cuba is doing that we are not doing, particularly, in pharmacology and bio-technology. There are a lot of opportunities for reciprocal trade arrangements."
Balgobin said many local companies were interested in doing business with Cuba. The external environment in Cuba is different, he said, when it comes to the legal, social and economic aspects.
"You (businesses) will have to go through a process of unravelling and getting your products into the two major state enterprises that do procurement," advised Balgobin.
The current push by local companies into Cuba is taking place at a time when the north Caribbean island is changing and opening up. "That means we have to get the state enterprises (in Cuba) to purchase more of our products, which I think they have committed to do."
The level of engagement which the delegation had with Cuba's Trade Minister was "very serious" as that country's trade minister reports directly to Raoul Castro.
"We don't anticipate any problems with the passing of Fidel Castro. We think the changes taking place in Cuba have to take place and are a necessary feature of the irreversible evolution of the Cuban economy."
Sacha Cosmetics Ltd
Kama Maharaj, managing director and founder of Sacha Cosmetics Ltd, said the entire delegation including Gopee-Scoon was very well received in Cuba and a "huge" impact was made in finding opportunities for T&T's business community.
Specifically, he said, having the minister as part of the delegation meant that dialogue with Cuban ministers was easy.
"We're (Sacha Cosmetics) the largest plant in the Caribbean so going to Cuba was just to reinforce ourselves in the market," said Maharaj.
Asked about competition, Maharaj said now that T&T has entered the Cuban market, the US-brands would not be able to withstand the competitiveness of our brands. American brands would not come in. They would get frustrated. T&T has a huge opportunity in Cuba because it has only three duty-free agreements: Venezuela, Bolivia and Caricom."
Maharaj said all that's left to be put in place is the system by which businesses would be paid and that is being arranged with Eximbank and the Cuban authorities. He added that Minister Gopee-Scoon has to return to Cuba to ensure that this is in place.
"That (payment arrangement with Eximbank) would open the market and put in place duty-free agreements."
Recounting other meetings and activities, Maharaj said, "The minister had a very interesting meeting with a supplier of medical drugs, which I thought was very forward thinking. Cuba produces all the cancer and diabetes drugs that they use in the hospitals. This means T&T can purchase medical drugs from Cuba at a cheaper rate."
Maharaj is hopeful the payment agreement would be in place soon since manufacturers and the business community are "well-poised to dominate that market."
Vemco Ltd
Vemco chief executive Christopher Alcazar also described the trip to Cuba as "successful."
He said having the Trade Minister form part of the delegation meant there was a higher level of interest and response from the Cubans.
"This could lead to cutting through some of the red tape into entering the market."
Although entering the market would not happen immediately for Vemco, he is satisfied with the results.
"While there has already been success for some companies, Vemco doesn't expect exports to Cuba to materialise before a year, as we follow a process of registration."
In addition to the Cuban market, Alcazar said Vemco met with several companies from other markets, "who were very interested in our products. Some were distributors in Belize, Puerto Rico and the Dominican Republic and we anticipate exports to one or more of these leads within a 12-month period."