GBPA courts stronger trade ties with Cuba

GBPA courts stronger trade ties with Cuba

Cuba has a nominal GDP rate of $71.3 billion. Total exports in 2010 were
$3.1 billion, whilst imports totalled $9.6 billion. As Cuba looks to
bolster trade ties with The Bahamas, Freeport expects to play a
contributory role as a vital transportation provider.

This and other matters formed the basis of discussions as executives of
The Grand Bahama Port Authority, Limited (GBPA) warmly welcomed His
Excellency Ernesto Soberon Guzman, Ambassador Extraordinary &
Plenipotentiary of The Republic of Cuba during an official visit to
Grand Bahama.

Along with tourism, other important industries in Cuba's economy are
sugar, petroleum, tobacco, construction, nickel and steel. "Economic
reforms are evolving with changes in key areas, therefore we are very
favorable to concrete and real possibilities of us doing business
together," expressed GBPA Chairman, Ian Fair.

Ambassador Guzman was similarly disposed. "Prior to the 1980's Cuba
enjoyed a very special relationship with the Soviet Union which was very
helpful to us.

Now we are changing and looking to diversify," he expressed. "We are
trying to adapt our system to the world because we are not isolated in
this world."

Cognizant of the historical relationship between both countries, the
group was eager to discuss potential areas for future growth such as
agriculture, construction, natural medicine products, and other commodities.

A GBPA delegation is expected to visit Cuba's international trade fair
slated to be held in November to explore additional opportunities.

According to GBPA President, Ian Rolle, they look forward to further
dialogue and an exchange of ideas on various matters. "Freeport as a
location probably has more opportunity to do business with Cuba than
anywhere else in The Bahamas," he noted. "We enjoy diplomatic relations
and will diligently work together for the mutual benefit of both countries."

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