After the triumph of the Revolution in January 1959, the new revolutionary government, with the aim of achieving the necessary social transformation of Cuban society, proceeded to restructure the entire Cuban economic-social and political landscape. As part of the economic and financial changes on November 26, 1959, Commander Ernesto Che Guevara publicly assumed the presidency of Banco Nacional de Cuba. On February 21, 1961 by Law No. 930, the functions of this entity were modified, which assumed more responsibilities within the State's commercial policy, specifically becoming the monopolizer of foreign currency and the external finances control.
In these conditions and for the own needs of creating a single agency capable of centralizing, directing, executing and controlling everything related to foreign trade, on February 23, 1961 by Law No. 934, the Ministry of Foreign Trade officially emerged. (MINCEX), which also assumes customs activities. The creation of the Ministry was an essential link in the economic policy of the State and allowed the Cuban State to assume the management and control of the country's imports and exports.
Subsequently, the diversification and ramification of the Ministry continued to develop. The 1st The first three companies were created in March 1961: the Cuban Import Company (ECUBIM), the Cuban Export Company (ECUBEX), the Cuban Freight Company (CUFLET) and in September of the same year the Cuban Control Company was created (CUBACONTROL).
Also in the month of September 1961 and with the aim of training cadres and officials capable of directing and carrying out the country's foreign trade, the School of Pictures of MINCEX, forerunner of the current Institute of Foreign Trade and Foreign Investment, was founded. .
On November 30, 1976 through Law 1323 on the Central Organization of the State, the faculties of the Ministry of Foreign Trade are approved and established, as the Agency in charge of directing, executing and controlling foreign commercial activity as an exclusive function of the Socialist State and That end is granted the necessary attributions and functions.
On March 2, 2009, by decision of the country's top management and through Decree Law No. 264 the creation of the new Ministry of Foreign Trade and Foreign Investment was established, based on the integration of MINCEX and MINVEC, as an entity of the Central State Administration, assigning it as an essential objective and mission to prepare and propose to the Government the policy integral of the State and the Government regarding the activity of foreign trade, the creation of joint ventures, the economic collaboration with other countries, foreign organizations and associations, and the investments that are negotiated. Once this policy has been approved by the latter, it is the responsibility of MINCEX to direct, execute, coordinate and control compliance in all entities at the country level, based on the development strategies established therein.
The Ministry of Foreign Trade and Foreign Investment is the body of the Central State Administration responsible for proposing, and once approved, direct, implement and monitor the policies of the State and the Government in matters of foreign trade, foreign investment and economic cooperation international, on the basis of established development strategies, contributing to the economic and social progress of the country.
