UAE and Cuba: A New Business Frontier?
Dubai recently hosted a significant meeting between the UAE Ministry of Economy and Tourism and Cuba's Ministry of Foreign Trade and Foreign Investment. This wasn't just another formal gathering; it was the first session of their Joint Economic Committee, a crucial step stemming from a previous trade, economic, and technical cooperation agreement between the two nations. The main goal? To really deepen economic cooperation across a broad spectrum of sectors.
The talks covered a lot of ground, including trade, investment, energy, renewable energy, agriculture, food security, infrastructure, transport, logistics, creative and cultural industries, healthcare, tourism, biotechnology, and pharmaceuticals. Both sides also emphasised the importance of building strong partnerships between public and private sectors – a point that should resonate with many businesses, especially our SMEs.
The committee was co-chaired by H.E. Abdullah Ahmed Al Saleh from the UAE and H.E. Carlos Luis Jorge Méndez from Cuba, with ambassadors from both countries and other senior government officials also in attendance. H.E. Abdullah Al Saleh noted that relations between the UAE and Cuba are steadily improving, particularly in the economic and commercial spheres, aligning with both countries' long-term visions for mutual prosperity.
Al Saleh also pointed out that this first session of the Joint Economic Committee is a "pivotal step" for economic and investment relations, aiming to open doors for wider cooperation and deeper engagement between their business communities. This, he believes, will unlock promising opportunities in both markets, supporting the UAE's "We the UAE 2031" vision.
What's Next for UAE-Cuba Cooperation?
Moving forward, both countries have agreed to set up a joint working framework. This framework will oversee how the committee's outcomes are put into action, essentially guiding future cooperation. They also committed to organising joint business forums and economic events, making it easier for trade delegations to visit each other, and finding new ways to expand their commercial relationship.
Opportunities for Businesses:
A key focus of the meeting was promoting investment opportunities in both markets. The UAE and Cuba are keen on increasing trade and investment flows between their business communities. This includes exploring advanced economic sectors like biotechnology, healthcare services, renewable energy, tourism, agriculture, and manufacturing. To facilitate this, they plan to host joint meetings, seminars, and workshops for investors, investment promotion agencies, and investment firms, highlighting the incentives available in both countries.
A Boost for Entrepreneurship and Start-ups
Good news for our SMEs: both nations highlighted the importance of fostering partnerships within the entrepreneurship and start-up ecosystem. The aim here is to speed up the growth of small and medium-sized enterprises, attract more investment, support their international expansion, and ultimately increase their contribution to national GDPs. This signals a clear intention to create an environment where smaller businesses can thrive and grow across borders.
Focusing on Food and Travel
Food security and agriculture were also high on the agenda. The two sides agreed to boost trade in food commodities and agricultural products, and work together on sustainable farming practices, food processing, and agricultural technology.
Tourism was identified as another significant area for bilateral relations. Plans include organising joint tourism exhibitions, events, and conferences to showcase attractions and historical landmarks. The cooperation will also involve sharing expertise on tourism development, collecting tourism statistics, and utilising digital innovations and technologies to make the sector more competitive.
A Look at Trade Numbers
Non-oil trade between the UAE and Cuba is already on an upward trend. It surpassed USD 39.1 million in 2024, showing a 2 percent increase from 2023 and a significant 46.4 percent growth compared to 2022. The first quarter of 2025 alone saw bilateral non-oil trade grow by 5.6 percent compared to Q1 2024, and over 25 percent from Q4 2024. Interestingly, more than 825 Cuban brands are currently active in UAE markets.
This initial Joint Economic Committee meeting seems to lay a solid foundation for future collaboration, particularly in areas that could present tangible opportunities for businesses, big and small, in both the UAE and Cuba.
