Economics

What Are The Biggest Industries In Cuba?

Pharmaceuticals, sugar, petroleum, and steel are some of Cuba's biggest industries.

Cuba is a Central American nation that is quickly industrializing itself. The rapid progress of the nation is reflected in the rapid development of its major industries. The following are the major industries of Cuba:

The Biggest Industries in Cuba

Pharmaceuticals

One of the biggest industries in the country is that of pharmaceuticals. Pharmaceutical manufactures in Cuba are exported to all parts of the world. Since the dawn of the twenty-first century, biotechnology has made rapid progress in the country. The vaccine manufacturing plants are now a major contributor to the national GDP. Cuba exports vaccines against a number of diseases. The Cuban biotechnology industry is also well known for its innovation. It is believed that the R&D sections of the industry have produced a number of well-known drugs like Heberprot-P, which has been developed specifically to be a cost-effective cure for diabetic ulcers in the feet.

Sugarcane

Sugarcane production has been one of the biggest industries in Cuba for a long time. It was surpassed by tourism only recently. Cuba produces and processes the sugarcane locally, and high-grade sugar and fructose products from Cuba are exported the world over. Some of the major importers of sugar and fructose based products from Cuba are on the other side of the planet, therefore the country has invested heavily in sugar preservation and safe methods of sugar transportation. With the increase in consumption of energy drinks the world over, demand for sugar is an all-time high. However, the government has been struggling with keeping up with demand and has had to close many of the state-operated sugar mills.

Petroleum

The oil reserves in Cuba are subject to speculation because not all fields have been tapped and there may well be undiscovered oil fields in the country. It has been estimated that the reserve crude oil in the present fields is about 130 million barrels. The biggest bidders for Cuban oil are India, Brazil, Russia and Spain. The petrol industry in Cuba suffered considerably due to the embargo from the United States, but it has bounced back in the recent years, even though the US has not lifted the embargo.

Steel

Steel manufacturing in Cuba has been developing rapidly in recent years. However, the rate of development is not as stable as it should be. It was recently announced that the Cuban metal industry will undergo a complete overhaul, but it was not upgraded to the extent that it may compete with local neighbors. However, steel is still big business in Cuba with Russia, India, and Brazil investing heavily in the industry.

Tourism

Tourism is the biggest industry in Cuba. In recent years, tourism-based GDP surpassed sugar production to become the lead earner for the country. The national tourism department is now developing new strategies to cater to tourists even better. The recent boom in tourism may well be a lifeline for the entire nation, as it will make up for the recent loss of the sugar exports. Tourism is expected to grow exponentially in the coming years as new resources are tapped with the help of international investments.

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