On August 24, 2025, Samad Hassanzadeh, head of Iran’s Chamber of Commerce, Industry, Mines, and Agriculture (ICCIMA), met with Cuban Ambassador Jorge F. Lefebre Nicolás in Tehran to discuss joint investment opportunities. In this meeting, Hassanzadeh emphasized that “if logistical and financial transfer issues are resolved, Iranian investors will enter the Cuban market.” He highlighted sectors such as offshore farming, sugar production, automotive parts, and sanitary products as potential collaboration areas.
Ambassador Nicolás explained that legal reforms in Cuba-creating private banks, exchange houses, and allowing foreign investment in previously state-run sectors-enable investors to repatriate earnings. He pointed to fuel supply and distribution, hospitality, agriculture, mining (nickel and quartz), car rental services, and renewable energy as key sectors.
Ambassador Nicolás stressed that transportation remains the main operational hurdle, but solutions such as route reconfiguration and alternative payment corridors to avoid the dollar-based system exist. He proposed online B2B meetings, an Iranian delegation visit to Cuba, and a reciprocal Cuban business mission to Iran.
In late November 2025, an Iranian business delegation led by Hassanzadeh visited Havana to explore concrete projects. Unlike high-level talks, the delegation focused on rehabilitating idle factories and establishing joint ventures in areas where Iran has technical expertise. Hassanzadeh requested a comprehensive list of non-operational plants, especially in sugar and cement, to guide Iranian investors. He noted that Iran could play a pivotal role in reviving Cuba’s sugar industry and that Iranian investors are ready to build several cement plants, provided clear regulatory conditions and investment guarantees.
Deputy head Ghadir Ghiyafeh emphasized mining as a long-term pillar of cooperation. He mentioned cobalt, nickel, and processing, noting that Iranian firms with advanced exploration and extraction expertise could contribute significantly.
These talks and business visits, while still facing logistical and financial challenges, open a new path for Iran-Cuba economic collaboration. Ultimately, the delegation requested a list of idle plants for more precise planning.
