Viglacera starts construction of first IP in Cuba
17:23 | 30/11/2018

VGP - ViMariel S.A – a subsidiary of Viet Nam Glass and Ceramics for Construction Corporation (Viglacera) has constructed of the first industrial park in Mariel Special Economic Development Zone (ZEDM) in Cuba.

Mariel Special Economic Development Zone (ZEDM) in Cuba

The groundbreaking ceremony was attended by Minister of Foreign Trade and Investment Rodrigo Malmierca Diaz and Vice President of the Councils of State and Ministers Ramiro Valdes Menendez from Cuba alongside Viet Nam’s Minister of Construction Pham Hong Ha and Ambassador to Cuba Nguyen Trung Thanh.

The construction of the industrial park will cost about US$300 million and is expected to be complete after five years.

In the first phase, Viglacera will contribute capital by providing technical services, spare parts replacement and cash to renovate two factories to serve Cuban market demand and export and invest in new production lines of sanitary ware and floor tiles.

In the field of tourism and hotels, Viglacera is also cooperating with domestic partners to attract capital to establish a company, expected to have charter capital of some $3 million, to cooperate with Cuban partners.

Addressing the event, Minister of Foreign Trade and Investment Rodrigo Malmierca Diaz spoke highly of the project, saying its construction begins with the 36th meeting of the Viet Nam – Cuba Inter-Governmental Committee taking place in Havana from November 26 – 30.

He also expressed his confidence in the success of the “strategic” project which was described as “special” in the two countries’ relations.

In turn, Minister of Construction Pham Hong Ha said long-standing ties between two countries have laid a strong foundation for Viglacera to carry out this project. He expected the project would meet the needs for development of both nations. 

ViMariel S.A was established by Viglacera in February 2018. The firm has obtained rights to build an industrial park with complete road, telecommunications, water supply and electricity infrastructure on an area of 156 hectares in the ZEDM. It was authorised to exploit the industrial park for 50 years.

In 2016, Viglacera entered into a joint venture partnership with Cuban giant developer Geicon to manufacture building material in the Caribbean island nation, of which, Viglacera is responsible for upgrading two existing ceramics and sanitary ware plants and investing in two more, four years after the joint venture is operational.

By Vien Nhu

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