Cuba's Electronics Group today showed elements that demonstrate its affectation by the economic, commercial and financial measures applied by the United States against this nation.
A communiqué issued by the company added on Thursday that the Group industrially covers the production and services of electrical and electronic equipment, computer solutions and associated equipment, means, parts and pieces for telecommunications and information technology.
One of its main tasks is to achieve the reconversion of the electronics industry according to the specialization by type of product and technologies of each of the companies, based on their technological partners.
The message insists that the economic, commercial and financial restrictions of the United States against Cuba (blockade) remain as the clearest exponent of a cruel and inhuman policy of that country against our country.
In the exemplified period of 2022-2023, such obstacles towards this Superior Organization of Business Management (OSDE) force to geographical relocation in trade, and the use of intermediaries, due to financial monetary damages and technological blockade, with affectations of two million 393 thousand 686.94 dollars.
Potentially, the United States constitutes a market with the capacity to supply Cuba with many of the materials necessary to carry out the productions that are the main activity of the companies that make up the Entrepreneurial Group.
The note stresses that because of the blockade and its pressure on suppliers, the management of importing companies becomes more expensive and is even truncated at times, despite the efforts made.
Undoubtedly, the document comments, this is a fundamental obstacle for the organization, which has among its strategic objectives to make a valuable contribution to the country's economy.
The company seeks to offer competitive products, IT and electronic solutions for the modernization of industrial processes, the computerization of society, the efficient use of energy, among others, which would have a favorable impact on import substitution and exports.
At present, financial persecution has increased with a significant number of banking entities and suppliers that carry out operations with Cuba.
In order to avoid these sanctions, these suppliers are forced to change banks and accounts, elements that slow down commercial processes and therefore the arrival of products to the country.
Foreign banks are also prohibited from buying and selling U.S. dollars and other financial transactions.
A long list that includes the prohibition of the use of the dollar, the access to foreign financing under extremely onerous conditions, where Cuban banking and business entities pay interest rates above the market for country risk.
In the entity's foreign trade operations, the financial monetary impact in the period from March 2022 to March 2023 amounts to 967 thousand dollars, bringing with it an impact on programs with an impact on the country, such as the energy efficiency program.