Cuba looks forward to strengthening economic, trade and investment cooperation with China

Economic reforms implemented this year to boost exports and attract foreign investment began to show results in the first quarter. Cuban officials said they hope to further strengthen economic, trade and investment cooperation with China by taking the opportunity of the reform.

According to the latest data provided by the Cuban Embassy in Beijing, since the first quarter of this year, non-state managed companies have been able to import and export through state-owned foreign trade companies. Cuba has signed more than 1,547 import and export contracts, including at least 77 export contracts and 1,470 import contracts, involving 41 state-owned companies and generating nearly 5 million pesos. As part of its economic reforms, Cuba introduced export incentives this year. According to Cuba's economic plan for 2021, the country aims to achieve a 19 percent increase in exports, with the number of tourist arrivals reaching 2.2 million, double the projected figure for 2020, and a 10.4 percent increase in foreign exchange revenue.

Cuba also started a process of monetary reform this year, including the unification of the currency and exchange rate, which temporarily set the exchange rate of the Cuban peso at 24 to the US dollar. Cuban officials say the reform will stimulate labor, increase productivity and improve the business system. At the same time, one of the main risks of the currency reform is higher than expected inflation, and the government will prevent speculative price increases.

Under the background of economic reform, Cuba said it would also take advantage of the opportunity of the 60th anniversary of the establishment of diplomatic ties with China to increase economic, trade and investment cooperation with China.

Cuba has become a stable supplier of sugar, nickel, lobster, rum and cigars to the Chinese market, and has begun to provide efficient and innovative biotechnology products to the Chinese market, said Cuban Ambassador to China Carlos Pereira.

"Cuba's view of China is neither temporary nor utilitarian, but based on our belief that in an increasingly changing and globalized world we have much to contribute to each other. The relationship between Cuba and China is strategic in nature and has its own advantages and does not depend on a third party." "In order to create a knock-on effect that will help us to restore momentum in our bilateral economies, we will work actively to explore all possible ways to restore our economic relations," he said. First of all, we plan to hold a meeting of the Co-Chairmen of the Intergovernmental Economic and Trade Commission during the visit of the Cuban technical delegation to China, followed by the 30th Intergovernmental Economic and Trade Mixed Commission in Havana."

In order to ensure the stability and smooth development of bilateral exchanges, including the increasing use of RMB in bilateral exchanges, the National Bank of Cuba has applied to the People's Bank of China to join its RMB cross-border payment system, he said.

He also said that Cuba will promote specific foreign investment projects under the Chinese "One Belt And One Road" initiative to enhance the understanding of Cuban business opportunities and the investment facilitation of the Chinese business sector, which will be conducive to the identification of joint development projects.