Cuba wholesale retail trade opened the door to foreign capital, officials: help promote the recovery of local industries

[Global Times special reporter Wang Fangxiang] Two ministerial officials of Cuba revealed in a TV show on the evening of the 15th that Cuba will allow foreign capital to enter the field of local wholesale retail trade. According to Cuba News, Cuba ’s deputy minister of Foreign Trade and Foreign Investment, Gonzaarez, said that Cuba will allow foreign investment to allow foreign capital to operate wholesale trade in ancient wholly -owned operators, and foreign capital can also enter the ancient wholesale trade market through joint ventures. Cuba will "choose" to allow some foreign investors to enter the retail market, as long as these investment helps achieve the country's socialist goals and reduce the price of retail products.

Cuba Domestic Minister of Trade, Velas Kazz, said that the Cuban government will allow some public -private partnerships to enter the retail field and will give priority to cooperation with foreign investors who have already operated in Cuba or Cuban allies. She also emphasized that retail will not be opened to international investors without reviewing it because state -owned capital must take advantage. Both officials said that the goal of implementing this move is to allow local manufacturers to get more raw materials and provide more products for local consumers. According to AFP, the Minister of Economic Planning of the Cuban Economic Planning Department in Tuesday said on Tuesday that "investing in wholesale retail trade under government supervision will help the expansion and diversification of supply, and it will also help promote the recovery of local industries."

According to Reuters, the above -mentioned measures marked the first time in the Cuban Revolution in the field of wholesale retail trade for more than 60 years. Agence France -Presse reported that Cuba had only allowed foreign investment to participate in the local manufacturing and service industry before, so that foreign capital into the wholesale retail trade industry explained that the current state -owned enterprises in Cuba are facing difficulties in obtaining foreign exchange and raw materials. During the former US President Trump's administration, the U.S. government had imposed strict sanctions on Cuba, and the new crown pneumonia's epidemic caused a serious blow to the country's tourism industry. Cuba is currently suffering a serious economic crisis.

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