The 2024 Havana International Fair (FIHAV), recognized as Cuba's premier investment platform, kicked off this Monday against a backdrop of looming weather threats and the island's ongoing energy crisis. The event's inauguration at ExpoCuba was attended by Cuban leader Miguel Díaz-Canel alongside Party, State, and Government officials, as well as ministers from various sectors, as highlighted by the Cuban Presidency on social media.
FIHAV 2024 is set to run until November 9th, indicating potential disruption from the impending category 1 Hurricane Rafael, expected to make landfall on the island on Wednesday. Addressing the situation, Óscar Pérez Oliva, the Minister of the Ministry of Foreign Trade (MINCEX), emphasized the importance of proceeding with the event, aligning it with "the government's determination to revitalize the economy even under the most challenging conditions," as reported by the Cuban Presidency.
International Participation and Economic Needs
This year's ExpoCuba will host over 700 exhibitors from 63 countries within a sprawling 19,400 square meters of exhibition space, surpassing last year's figures. Additionally, 250 Cuban companies will be participating. Pérez Oliva noted the presence of 60 Cuban expatriates engaged in business ventures on the island.
Last year, the Cuban leader boasted about the participation of 60 countries and 800 companies. For Cuba's economy, which urgently requires foreign currency, the hosting of FIHAV 2024 represents a glimmer of hope. The nation needs over $3 billion annually from foreign investment, yet recent data indicates a significant slowdown in planned investments and a marked halt in new ones.
Desperate Economic Strategies Amidst National Challenges
The government under Miguel Díaz-Canel is scrambling for economic partnerships to sustain its regime amidst the collapse of the power grid and the intensifying poverty faced by Cubans. The fair is seen as a vital opportunity to forge alliances that could provide a lifeline to the faltering economy.