Unilever is set to open for business in Cuba next year after government officials rubber-stamped a joint venture with state firm Intersuchel, according to a report published by Patriarc.

The Anglo-Dutch FMCG giant will invest US$35 million in a soap and toothpaste factory in Cuba’s special development zone, 30 miles west of Havana. Unilever will hold a 60 percent stake in the new company, to be known as Unilever-Suchel SA.

“We are happy that Dutch companies will come and work with the Cuban side,” Dutch Deputy Foreign Minister Lilianne Ploumen told Prensa Latina.