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Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.

 

Samsung Electronics says ďholaĒ to Cuba

Wednesday, May 31, 2017 > 09:11:35
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The Hankyoreh

South Korea’s biggest conglomerate becomes first global company to set up a brand shop in Havana

Samsung Electronics announced on May 29 that it has become the first global IT company to set up a brand shop in Cuba. On May 26, the company held an event marking the opening of its brand shop in the Cuban capital of Havana in partnership with TRD, a local logistics company. The brand shop displays and sells products by Samsung Electronics, including televisions, refrigerators, washing machines and smartphones.

“Just 10 years ago, marketing meant little in Cuba. But customers have been taking an interest in brands as the market economy emerges in Cuba, so we’ve opened up the brand shop to introduce Cubans to Samsung,” said a spokesperson for Samsung Electronics.

Cuba has been moving toward opening up its markets since the US embargo on the country was partially lifted when Barack Obama and Cuban President Raul Castro took steps to normalize bilateral relations in 2014. This ended more than 50 years of isolation after international sanctions in 1962 blocked trade with Cuba following the Cuban Revolution.

In a bid to target the Cuban market, Samsung Electronics became the only major company to sponsor an ironman triathlon in Cuba in Feb. 2016. Company products have been sold in Cuba through local retailers. The company announced that it is planning to release its QLED television, a premium product, in the Cuban market around July.


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