TURKEY - CUBA BUSINESS COUNCIL

Year of Establishment: 2016
Chairman representing Turkey: Mehmet Kutman
Company: Global Yatırım Holding A.Ş.
Counterpart Chairman:
Counterpart Organisation:

The Chairman of the Republic of Turkey, Recep Tayyip Erdoğan, was the first Turkish Chairman to visit Cuba in 2015. In the context of the event DEİK organised a Business Forum where DEİK Chairman Ömer Cihad Vardan and the Chairman of the Cámara de Commercio de Cuba (CCC), Hernández Guillén, signed a Cooperation Agreement in the presence of ministers from both countries.

More than 90% of Cuba’s economy is controlled by the state. In 1995, the country became a member of the World Trade Organisation (WTO) which led to changes in its import tax regime. Cuba applies higher general tariff rates to countries that do not enjoy Most Favoured Nation (MFN) status or with whom no Preferential Trade Agreement has been signed. However, WTO member countries, and among them Turkey, pay lower rates. Since 1995, the country’s currency is partially convertible inside the country.

In 1982, law No 50 (Investment Act) came into force that permits joint investments with Western companies. Reforms introduced in 2003 encourage investments. With 68% of the total, investments into tourism attract most interest. Foreign manufacturing joint ventures with state companies include Minbas, Mintur, Micons, Minil, Minal, Minagri and Mintrans.

In 2015, Turkey exported goods to Cuba with a total value of USD 10.065 million, while imports from Cuba amounted to USD 16.987 million. In 1959, the United States of America imposed a trade embargo on Cuba; in 2015 the USA took steps to normalise relations and lifted its sanctions on trade and travel to Cuba. Relations warmed to such an extent, that US-American Chairman Barack Obama paid a state visit to Cuba on 20-22 March 201t. 

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