Nestlé, Cuba lay first stone for USD 55 million coffee and biscuit factory

 

“Nescor“ is Cuba's third joint venture with Nestlé and reflects President Raul Castro’s drive to attract international capital to help update the Soviet-style command economy and stimulate growth. Cuba created the zone around the Mariel port just west of Havana four years ago, offering companies significant tax and customs breaks. Its aim to replace imports with Made in Cuba goods has become all the more pressing because aid from socialist ally Venezuela is falling, resulting in a cash crunch.

Laurent Freixe, Nestlé Vice President Americas, said in an interview after the symbolic stone-laying ceremony that negotiations with Cuban partner Coralsa and Mariel authorities had taken just 18 months, a “record speed”. The factory would be operating at the end of 2019 manufacturing coffee products, said Freixe. Biscuits and other culinary products would come later.