Dutch gi­ant Unilever breaks ground for fac­tory in Cuba

Jamaica Gleaner - - BUSINESS - Cedric E. Stephens pro­vides in­de­pen­dent in­for­ma­tion and ad­vice about the man­age­ment of risks and in­sur­ance. For free in­for­ma­tion or coun­sel, write to: aegis@flowja.com

weather events in­clud­ing strong winds, and/or rain­fall dur­ing hur­ri­canes and trop­i­cal storms”. Ben­e­fi­cia­ries of the LPP in­clude farm­ers who de­pend on the weather for a good har­vest. The LPP “tar­gets all in­di­vid­u­als ir­re­spec­tive of in­come level, and pro­vides timely cash pay­outs fol­low­ing a weather event, and give pol­icy hold­ers the op­por­tu­nity to re­build their lives in the wake of a nat­u­ral dis­as­ter”.

LPP is of­fered in as­so­ci­a­tion with the Peo­ple’s Co­op­er­a­tive Bank and credit unions.

Pro­vided that Ms Ap­pleby and other per­sons like her who were qual­i­fied to par­tic­i­pate in the Ba­nana Catas­tro­phe Fund ac­tu­ally signed up and bought LPP, the sit­u­a­tion fol­low­ing the flood rains in Port­land ought not to be so dire.

My sus­pi­cion is that the ma­jor­ity of per­sons who were af­fected, un­for­tu­nately did not fall into that cat­e­gory.

IDUTCH CON­SUMER prod­uct gi­ant Unilever has be­come one of the largest for­eign com­pa­nies to move into a spe­cial eco­nomic devel­op­ment zone at the Cuban port of Mariel that is meant to jump-start out­side in­vest­ment on the is­land.

Unilever broke ground Fri­day on a US$35 mil­lion joint ven­ture with the Cuban govern­ment to pro­duce per­sonal-care prod­ucts.

Unilever will hold a 60 per cent stake in the ven­ture, which will pro­duce shampoo, soaps and other prod­ucts for lo­cal and in­ter­na­tional dis­tri­bu­tion. The fac­tory is ex­pected to gen­er­ate 300 lo­cal jobs and will be man­aged by Unilever of­fi­cials.

Only seven other for­eign firms have moved to open op­er­a­tions in the spe­cial eco­nomic zone since it was in­au­gu­rated in 2014. Many have yet to break ground or re­main in the early stages. Cuba says it is hope­ful of ac­cel­er­at­ing the pace of for­eign in­vest­ment in the coun­try, a pace lag­ging at less than half the an­nual goal of more than US$2 bil­lion a year.

Eleven more com­pa­nies have been ap­proved to open op­er­a­tions at the free trade zone, Cuban of­fi­cials say.

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