Marubeni Corp, shareholder in the Jamaica Public Service Company (JPSCo), said this week that it will be opening an office in Havana, Cuba.

In a notice on its website, the international corporation indicated its interest in durable goods and infrastructure projects in the northern Caribbean island following restored relations with the United States.

Marubeni noted, “In May 2015, the United States formally removed Cuba from a list of state sponsors of terrorism, and in July 2015, diplomatic relations were formally restored between the two countries. As the market begins to open up, interest in Cuba from foreign companies is increasing.”

The Japanese company said that having established a track record in Cuba on such projects as development of manufacturing plant, machinery, foods, chemicals and steel products, it would now turn its attention to durable goods such as cars and industrial machinery as well as various infrastructure and other plant development projects in the market.

Marubeni noted, “Due to the long-term economic sanction, there are accumulated demands,” adding that “under these circumstances, Marubeni has decided to dispatch rotation staff to open the branch at an early stage in order to develop various business opportunities once sanctions are lifted.”

On January 26, the United States Department of the Treasury announced that the country would be expanding authorised exports to Cuba, including exports related to disaster preparedness, education, agricultural production, food processing, public transportation and artistic endeavours.

Also being removed are existing restrictions on payment and financing terms for authorised exports and re-exports to Cuba, except agricultural products and commodities, it was said.

The United States formally removed Cuba from its list of states sponsoring terrorism in May 2015, followed by the restoration of full diplomatic ties with the country in July after 54 years.

Marubeni had offices in Cuba which were previously closed.

The Mainichi, a Japanese daily newspaper, reported on Tuesday that Marubeni first opened an office in Cuba in 1975, but closed it in 1995 due to worsening economic conditions.

The corporation re-entered the northern Caribbean in 2007 when it purchased equity shares of US-based IPP Mirant Caribbean’s Holdings (MCH) for US$580 million. Mirant owned majority equity positions in integrated utilities in Grand Bahama Island and Jamaica. It also owned an IPP stake in Trinidad and Tobago and Curacao. Total net generating capacity was 1150MW. At the time, the equity stake acquired in the Jamaica Public Service Company was 80 per cent.

Marubeni, JPSCo indicated on Wednesday, now has 131 branches and offices in 67 countries and regions, consisting of 12 domestic branches and offices, 58 overseas branches and offices and 30 overseas corporate subsidiaries with 61 offices.

The Japanese corporation, started in 1858, is involved in the handling of products and provision of services in a broad range of sectors including food products, textiles, pulp and paper, chemicals, energy, metals and mineral resources, transportation machinery, and offshore trading.

“The company’s activities also extend to power projects and infrastructure, plants and industrial machinery, finance, logistics and information industry, and real estate development and construction,” it is noted on the corporation’s website.