North & Central America and Caribbean

Cuba
Last reviewed: 10 July 2008

Country information

See entire profile

TRADE AND INVESTMENT

Trade and Investment with the UK

Cuba is a unique and challenging market in which to do business, but there are opportunities for UK companies to win new business on the island.

The trade team at the British Embassy has identified niche opportunities for UK companies in the following sectors:

Agriculture

Energy (including oil and gas)

Information and Communication Technology

Life Sciences

Tourism/Infrastructure

Reforms have been introduced since Raúl Castro became President which have improved the quality of life for the Cuban people, although these reforms have yet to make it easier for overseas companies to invest. However, there is no doubt Cuba needs foreign direct investment and overseas expertise, particularly in areas such as agriculture, as the island currently imports over 80% of its food.

UK exports to Cuba are subject to considerable fluctuation. The figures are perhaps not an accurate reflection of true levels of trade with Cuba as significant trade is undertaken through third countries (especially Mexico, Panama and Spain); likewise the figures do not take into account service exports (consultancy, insurance etc).

UK/Cuba Bilateral Trade (£ million)

	2002	2003	2004	2005	2006
UK Exports	11.3	17.4	11.5	15.7	20.5
UK Imports	8.1	9.1	12.3	8.9	8.1

The UK’s principle exports to the market are road vehicles, medicinal & pharmaceutical products, specialised and electrical machinery, and power generating equipment. The main imports to the UK from Cuba are tobacco, vegetables & power generating machinery (most likely used equipment and goods for refurbishment/servicing).

UK Trade & Investment Country Profile: Cuba

UK Development Assistance

The British Embassy in Havana runs a Bilateral Programmes scheme which provides an opportunity for local communities and organisations within Cuba to access funding for small-scale community-based development projects, which have a strong focus on energy security, sustainable development, solution to community problems and building capacity within organisations.

Recently financed projects in Cuba have focused on the use of renewable energy sources, sustainable agriculture, empowerment of women and other sectors.

EU Development Assistance

Unfortunately, the Cuban Government decided to decline all direct EU aid in July 2003. Since then, Cuban institutions have not accepted any direct aid from any EU member states.