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News

03.11.2015

EXIAR, Russian Ministry of Economic Development and Russia’s Trade Representation organize business mission to Cuba for russian companies

On November 2 2015, as part of the 33rd Havana International Fair FIHAV-2015, the Russian-Cuban Business Forum—a business mission of Russian exporters to Cuba—took place. The mission was jointly organized by the Russian Ministry of Economic Development, the Russian Trade Representation to Cuba, the Russian Agency for Export Credit and Investment Insurance (EXIAR), the Cuban Chamber of Commerce, and the Russian-Cuban Business Council. More than 20 Russian companies participated, representing various industries, including aviation and car manufacturers, the energy sector, pharmaceutics, machine building, and other organizations. 

The mission’s official business agenda opened with a plenary session that saw the participation of: the Russian Deputy Minister of Industry and Trade, Georgy Kalamanov; Chairman of the Cuban Council of Ministers, Ricardo Cabrisas Ruiz; EXIAR CEO, Alexey Tyupanov; President of the Cuban Chamber of Commerce, Orlando Hernández Guillén; Chairman of the Russian-Cuban Business Council and Vice President of Avtovaz, Eduard Vayno; Chairman of the Cuban-Russian Business Council and CEO of EnergoImport, Rafael Lage Pérez; as well as representatives of other Russian and Cuban companies and banks.

Participants of the plenary session noted the significance of developing trade ties between the two countries, considering the long-standing tradition and unique experience of their successful cooperation. In recent years, the format of the countries’ dialogue and their approach to resolving many issues has changed. It has become more pragmatic and targeted at attaining specific results for the socio-economic development of both countries.

In his speech, Alexey Tyupanov emphasized the importance of organizing business missions with the Ministry of Economic Development and the Trade Representation of Russia. Speaking about the current status and perspectives of EXIAR’s work regarding Cuba, EXIAR’s CEO noted the significance of increasing the availability of financing for projects being undertaken by Russian companies in Cuba. “Since EXIAR’s inception, the conclusion of export contracts to Cuba insured by EXIAR has allowed us to conclude with certainty that further developing our work in this direction has many prospects. Currently, EXIAR is insuring 65 projects to ship Russian goods to Cuba, worth a total of approximately $40 million, while another 19 export contracts totaling $210 million are being considered for projects involving machine construction in the energy sector, aviation equipment, and automobile equipment,” EXIAR’s CEO stated.

As part of the business mission, EXIAR and Banco Internacional de Comercio S.A. signed an agreement to insure a project to finance the shipment of rail cars to Cuba. 

The business mission’s program continued with B2B meetings between the two countries, during which Russian and Cuban companies and banks were able to discuss potential areas of cooperation in detail. More than 20 Cuban companies participated in the business mission.

 

The Russian Agency for Export Credit and Investment Insurance (EXIAR) was established in 2011. EXIAR's mission is to support Russian hi-tech exports by insuring export credits against commercial and political risks, as well as Russian investments abroad against political risks. Vnesheconombank is the sole shareholder of EXIAR. The agency's charter capital is RUB 31 billion. The State Specialized Russian Export-Import Bank (Eximbank of Russia) is a subsidiary of EXIAR.

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