Cuba and China Forge New Industrial Partnership with Duonex SA
A newly established joint venture, Duonex SA, signals a strengthened economic alliance between Cuba and china, poised to invigorate the Cuban light industry sector. The company will focus on the advancement, manufacturing, and distribution of a diverse product range including footwear, leather goods, haberdashery, plastics, and textiles.
Expanding Production Capabilities
Beyond its initial scope, Duonex SA anticipates broadening its portfolio to encompass other key outputs from Cuba’s light industry, catering to both domestic demand and international export markets. This strategic expansion reflects a commitment to bolstering Cuba’s manufacturing base and increasing its participation in global trade. According to recent data from the cuban National Statistics and Information Office (ONEI), the light industry sector contributed approximately 8% to Cuba’s GDP in 2024, with potential for significant growth through modernized production and strategic partnerships.
Formalizing the agreement
The foundational agreement for Duonex SA was formalized at the headquarters of Tecnosime.Representing Cuba was Marilyn Maqueira, General Director of Industrias Nexus SA, while Huang Qiaoming, President of Hangzhou Iunke Industrial Development Co., Ltd, led the Chinese delegation. The signing ceremony was attended by key representatives from Cuba’s Ministry of Industries, the Light Industry Business Group, and other relevant entities, alongside executives from picla, a company already established through the Chinese Marketing Industrial Project – Latin America.
[Image of signing ceremony]
A Legacy of Collaboration
This venture builds upon a robust history of collaboration between Cuba and China, spanning over six decades of mutual cooperation and support. Recent years have witnessed a marked increase in bilateral trade, demonstrating a deepening economic relationship. In 2023, trade volume between the two nations reached a record high of $2.1 billion USD, a 35% increase compared to the previous year [[1]]. Duonex SA represents a tangible step towards further solidifying this partnership and fostering lasting economic development in Cuba.
[Image of collaborative project]
Future Outlook
The creation of Duonex SA is expected to generate employment opportunities within Cuba’s manufacturing sector and contribute to the modernization of production processes. by leveraging Chinese expertise and investment, the joint venture aims to enhance product quality, increase efficiency, and expand market reach, ultimately strengthening Cuba’s position in the global marketplace. The success of this initiative could serve as a model for future collaborations, paving the way for increased foreign investment and economic diversification in Cuba.