Roundup: Cuba explores new business opportunities at China’s import expo

CGTN – As an effective trade platform, the China International Import Expo (CIIE) plays a key role in economic and trade cooperation between Cuba and China, a Cuban official and business leader said.

A total of 23 Cuban companies will explore new business opportunities at the 8th CIIE scheduled for November 5 to 10 in Shanghai, said Naima Alfonso Acosta, director of the department of associates at the Cuban Chamber of Commerce, in an interview.

“We regard the CIIE as an irreplaceable accelerator for business relations, as it provides a valuable opportunity for companies to meet in person,” Alfonso said. “Trade and cooperation between Cuba and China have continued to grow, a process that is being built and strengthened over time.”

The Caribbean nation’s delegation will represent the agri-food, technology, and biopharmaceutical sectors, while this year’s expo will also include Cuban companies from the perfumery and cosmetics industries.

Alfonso said that the Cuban participants aim to find sales opportunities and establish a foothold for their products in the Chinese market.

“The CIIE plays a fundamental role in this process. Our work doesn’t end with the exhibition days. We also use the trip to visit factories and hold meetings that help consolidate commercial relationships,” she added.

Alfonso recalled that after signing contracts and commercial deals during last year’s expo, large quantities of Cuban rum were sold in China via e-commerce platforms.

She described the expo as “a high-tech business ecosystem” that enables Chinese buyers to experience Cuban products firsthand and accelerates interactions with suppliers and end consumers.

BioCubaFarma, one of the Cuban companies attending the expo, will showcase its latest biotechnology innovations.

According to Santiago Duenas, vice president of BioCubaFarma, the sector has great potential since the group already operates three joint ventures in China and one fully Cuban-owned company, in addition to three joint laboratories established in the country.

Beyond traditionally traded products, BioCubaFarma will showcase an innovative portfolio that includes a neuroprotective treatment for diseases such as dementia, an acne therapy, cancer treatments based on monoclonal antibody technology, and novel technological platforms, according to Duenas.

Duenas considers the expo an effective platform for initial contact with Chinese institutions, resulting in over 30 cooperation projects for the company, some of which started at previous expos.

“China is a strategic ally in the field of pharmaceutical cooperation, offering a framework for exchange with entities that share common objectives,” he said.

The executive also noted that participating in the expo is a crucial part of future relations between Cuba and China, in the context of the China-Cuba community with a shared future and the Belt and Road Initiative.

“For us, this is undoubtedly a strategic element, part of a forward-looking vision for future relations and potential development,” said Duenas.

(With input from Xinhua)