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Cuba and China sign agreements to promote economic cooperation

Staff Writer |
Trade authorities from Cuba and China signed two agreements to promote economic cooperation at the 14th session of the bilateral Business Committee.

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The Chamber of Commerce of the Republic of Cuba (CCC) and the Chinese Council for the Promotion of International Trade (CCPIT) penned the Mechanism's Action Plan for 2019.

The document, signed by CCC President Orlando Hernández and CCPIT Vice President Chen Zhou, establishes the strategies and actions to be developed next year to consolidate ties between the two countries' business communities.

A memorandum of understanding was also signed between Chen and the director of the Center for the Promotion of Foreign Trade and Foreign Investment (ProCuba), Roberto Berrier, with a view to strengthening relations between both institutions.

During the 14th session of the Cuba-China Business Committee, the parties agreed on the need to strengthen ties in economic and commercial matters, at the level of the two nations' historic political ties.

Hernandez acknowledged the importance of relations between Beijing and Havana, and recalled that Chinese products are present in a wide range of areas of Cubans' life, such as health, education, technology and sports, among others. The official called to expand the presence of Chinese investments in Cuba and mentioned the opportunities offered by sectors like tourism, renewable energy, construction, agriculture, industry and pharmaceutical biotechnology.

He also highlighted the importance of the Strip and Road Initiative for Cuba and Latin America, due to their development prospects for each of the integrated countries.

According to Hernández, Cuba expects to get involved in this Chinese project in the most committed way possible and to contribute contribute to involving the Chinese business sector in the process to update Cuba's economic model.

He also announced Cuba's willingness to host a China-Latin America and Caribbean business fair in Havana.

For his part, Chen Zhou referred to the Chinese companies' interest in participating in the Mariel Special Development Zone (ZEDM).

He said that the CCPIT promotes negotiations to materialize joint ventures and open opportunities for Chinese companies in the Cuban market.

Chen added that in the future, the institution will focus on building an effective and multisectoral platform for the promotion of bilateral trade.

The forum consisted of an exhibition by the CCC on the possibilities of business and foreign investment that Cuba offers to the business community, as well as presentations on the potentialities of the Chinese provinces of Henan and Hainan.

China is Cuba's major trading partner in Asia and the second in the world.

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