15:36 | 22/08/2018 Economy
Suchel TBV S.A., a joint venture between Vietnam and Cuba, was approved by the Cuban Government to build a detergent plant in the Mariel Special Development Zone (ZEDM), according to Cuban News Agency (ACN).
|Located 45km from Havana, the ZEDM is seeking to encourage national production and facilitate foreign investment - Photo: Jamaicaobserver|
ZEMD stated that the joint venture was set up between the Cuban Mercantile Society Industrias Nexus S.A. and the Vietnamese Thai Binh Detergent Joint - Stock Company, and will be allowed to operate for a period of 30 years.
The plant is scheduled to be built over 24 months and have a capacity of producing 50,000 tonnes of detergents for domestic and industrial use per year. It is expected to replace over 90% of Cuba’s imports of detergent per year.
The plant is estimated to have a total investment of US$17.6 million and will be equipped with modern technologies and an automatic control system. The statement also stated that the plant will be environmentally friendly, while requiring lower energy consumption and generating a minimum of industrial waste.
The Thai Binh Company has been present in Cuba for 20 years and was one of the first companies to export Vietnamese products to Latin America, including clothing, footwear, consumer goods, food and construction materials.
Located 45km from Havana, the ZEDM has 36 approved businesses and is seeking to encourage national production and facilitate foreign investment.