Chinese Entrepreneurs Explore Investments and Opportunities in the Cuban Tourism Sector
A group of 16 executives and managers from the Chinese travel agency, Huaxing Travel, are making a visit to Cuba from July 25th to August 3rd, 2023. The purpose of the trip is to explore business and investment possibilities in the Caribbean island’s tourism sector.
Tour of Tourist Destinations
The Chinese delegation began an extensive itinerary of activities on July 25th, which includes visits to the country’s main tourism development hubs. The places slated for tours include Havana, Varadero, Cienfuegos, and Trinidad.
According to Zuyen Rivero Martínez, the business director of Cuba’s Ministry of Tourism, this tour will allow the Asian visitors to get an in-depth look at what Cuban tourism has to offer. The goal is to increase the flow of Chinese travelers to the Caribbean island.
Searching for Investment Opportunities
Beyond promoting Cuba as a destination, the Chinese executives have been tasked by their company to look for business and investment opportunities in the Cuban tourism sector.
On August 1st, at a special meeting, Cuban tourism authorities will present to the visitors a portfolio with foreign investment opportunities. Among the projects to be offered are hotel developments, administration of tourist facilities, and investments in marinas, nature tourism, and other areas.
Increase in Economic Cooperation
Authorities from both countries have highlighted that this exchange will strengthen bilateral economic relations between Cuba and China.
In the last decade, trade between the two nations has steadily grown by about 5% annually. Currently, the Asian giant is the Caribbean island’s second largest trading partner in the Caribbean region.
If new Chinese investments are realized, it would increase the presence of joint ventures in the tourism sector in Cuba. To date, two firms with Cuban and Chinese capital operate in the country.
The visit of the Chinese executives is part of Cuba’s efforts to attract more tourists and foreign investments amid post-pandemic economic recovery.
Authorities are confident that direct contact with representatives from the important Chinese market will lead to an increase in tourists from that country. In addition, they hope that the visitors will identify business opportunities that can translate into investments in the sector in the short and medium term.
