Significant rise in Russian investment across Cuba amid economic crisis
In Cuba, currently grappling with economic challenges, there has been a notable increase in Russian business activity - as reported by the state press agency Prensa Latina on Monday. It was highlighted that since the start of 2023, Russians have established approximately 100 new companies on the Caribbean island.
19 March 2024 18:05
According to estimates from Cuban officials cited by the agency, the sectors where Russian companies are most active include the energy sector, heavy industry, and banking. Investments by Russians in 2023 have also extended into tourism, agriculture, and information technology.
Prensa Latina mentioned that during a meeting in Moscow on Friday, the Cuban Minister of Foreign Trade and Foreign Investment, Ricardo Cabrisas, received a commitment from Russian Deputy Prime Minister Dmitry Chernyshenko about further Russian business ventures in Cuba. The investments made by them in 2023 were referred to by the Kremlin representative as "significant".
Further investments in Cuba
Chernyshenko, speaking to Prensa Latina, revealed plans by Moscow to soon open another line of credit for Cuba. This is aimed at ensuring consistent availability of oil, petrochemical products, grain, and fertilisers.
The intensification of Russian business activities in Cuba comes amid one of the island's worst economic crises since the revolution ended in 1959.
On Sunday, protests erupting in various parts of Cuba voiced opposition to the government. The largest protests were in Santiago de Cuba and Bayamo, where residents demanded the restoration of electricity and better food availability in stores. Independent media outlets reported arrests at both protests.
