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Cuba and Spain sign a programme to boost economic bilateral relations

The 21st Session of the Cuban-Spanish Business Cooperation Committee, which takes place in Havana, opened last Thursday, May 19, with the signing of a programme to foster bilateral economic relations.


21 de mayo de 2016 - Taken from ACN

The 21st Session of the Cuban-Spanish Business Cooperation Committee, which takes place in Havana, opened last Thursday, May 19, with the signing of a programme to foster bilateral economic relations.

This programme aims at stregthening information exchange and links between the business communities of both nations, as well as supporting the expansion of ties within the trading and investment fields.

The meeting held at the 1930 Salon of the Hotel Nacional de Cuba was headed by Rodrigo Malmierca, Minister of Foreign Trade and Investment in Cuba, along with other national authorities and high-ranking officials of the Spanish business delegation.

Juan González, President of the Bilateral Committee Cuban session, highlighted the work of this entity that, for over two decades, has favored the inclusion of the Spanish business community within the Cuban market, at a time it has encouraged the Cuban ones to position new products in Spain.

According to González, a seminar of management in the port sector -with a great development in Spain- will be carried out, and the portfolio of opportunities for the foreign investment in Cuba will be presented.

To the Spanish side, Modesto Piñeiro stressed the interest in increasing economic relations with the Caribbean Archipelago, besides the potentialities of many Spanish companies within key sectors to booster developement.

The Cuban minister of Foreign Trade and Investment, also highlighted the importance of meetings like this one within the new context of the Cuban updating economic model.

As regards to this, Cuba issued a new Law of Foreign Investment with incentives and reassurances to be inserted within the Cuban market, Malmierca said.

On the other hand, Jaime García-Legaz, Secretary of State for Trade in Spain, talked about the renegotiation of the Cuban debt with the Paris Club creditors and with his country on a bilateral basis, which assures better conditions to diversify and enhance businesses. The Spanish high ranking-official also distinguished the opening of financial supports for the Spanish entities interested in doing business with Cuba.

As stated by García-Legaz, by the end of 2015, the commercial exchange between Madrid and Havana surpassed 1 billion Euro, with a 15% increase as compared to 2014, which tells about the positive state of the links within the economic sector.

Spain is Cuba's third trading partner, after Venezuela and China, and the first one of Europe, apart from having a wide buisness representation in the Caribbean Archipelago, with over 200 companies.

This bilateral meeting is also attended by businessmen from the architectural, financial, wholesale trading, storage, renewable energy, tourism, building, household appliance and recycling industry sectors.


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