China, Cuba sign agreements to promote economic cooperation

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Chinese investments in Cuba is set to expand in sectors such as tourism in which Cuba’s Chamber of Commerce (CCC) says there are plenty of opportunities. Xinhua

HAVANA (Xinhua) – China and Cuba have signed two agreements to promote economic cooperation during the 14th session of the bilateral business committee, where companies from both nations explored new trade and business opportunities.

Cuba’s Chamber of Commerce (CCC) and the China Council for the Promotion of International Trade (CCPIT) inked on Wednesday a memorandum on a joint action plan for cooperation in 2019.

The document, signed by Chen Zhou, vice president of the CCPIT, and Orlando Hernandez, president of the CCC, includes strategies and actions which will be developed next year with the goal of consolidating links between the two countries’ business communities.

A memorandum of understanding was also signed by Mr Chen and Roberto Verrier, head of the Cuban export and investment promotion agency ProCuba, to strengthen ties between the two institutions.

“Cuban sugar, rum, premium cigars and seafood are increasingly known to Chinese consumers,” said Mr Chen, who attaches great importance to the CCPIT’s work with the Caribbean nation.

He said there was increasing interest from Chinese companies and businessmen to participate in the Mariel Special Development Zone, the island’s flagship foreign investment project.

Mr Hernandez, in his response, acknowledged the importance of economic and commercial links between Beijing and Havana.

He called on Chinese investments to expand their presence in the island and said there were plenty of opportunities in sectors such as tourism, renewable energy, construction, agriculture, industry and biotechnology.

He also highlighted the importance of Cuba getting involved in the Belt and Road Initiative (BRI) as it would attract more Chinese investment in his country.

He also expressed Havana’s willingness to host the 2021 China-Latin America and Caribbean Business Summit in the Cuban capital.

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