Luxembourg to explore Cuban markets

Members of the Luxembourg Chamber of Commerce are to visit Cuba as part of an exploratory mission hosted by an international chamber based in Brussels.

The Chamber of Commerce, Industry and Agriculture Belgium-Luxembourg-Africa-Caribbean-Pacific (CBL-ACP), of which the Luxembourg Chamber of Commerce is a member, is organising the economic mission to the island nation from August 26 to 30.

The mission comes after the Communist country re-established diplomatic ties with the US. The normalisation of the relationship with the US has also led to a rejuvenation of ties with the EU.

In May, François Hollande was the first French president to visit Cuba in over a century.

The diplomatic rapprochement is also expected to manifest itself economically.

Trade between Luxembourg and Cuba has been limited over the past 20 years. The economic mission hosted by CBL-ACP will serve to explore opportunities now opening up.

Jeannot Erpelding, director of international affairs at the Luxembourg Chamber of Commerce, explained that he expects European influence on the island to remain comparatively small, due to Cuba's geographical proximity to the US.

While it is not expected that any major deals will be struck during the August mission, the trip will serve to be on the ball from the start, Erpelding added, following the motto “the early bird catches the worm.”

So far, however, there has been only limited interest in doing business with Cuba from Luxembourg companies or business sectors, Erpelding said.

The Grand Duchy's financial sector meanwhile is not preparing to explore Cuba, a spokesperson of Luxembourg For Finance told the “Luxemburger Wort”.