KOTRA Seeks First Business Cooperation Since Establishment of Diplomatic Relations Between Korea and Cuba

'Business Cooperation Briefing' Held on the 10th

KOTRA held the '2024 Korea-Cuba Business Cooperation Briefing' on the 10th at the Payto Hotel in Yangjae, Seoul. The briefing was attended by about 50 people, including the Vice President of the Cuban Chamber of Commerce, domestic and international interested companies, and related organizations.

Lee Ji-hyung, Head of Economic and Trade Cooperation at KOTRA, is giving a greeting at the '2024 Korea-Cuba Business Cooperation Briefing' held on the 10th at the Payto Hotel in Yangjae, Seoul. / Photo by KOTRA

Since 1996, KOTRA has been in charge of the Korean Pavilion project at the 'Havana International Fair.' In 2005, it opened a trade office in the capital, Havana. Since 2015, it has been actively promoting various economic cooperation projects, including the Economic Development Experience Sharing Project. In particular, Cuban companies have been invited annually to Seoul Food held at KINTEX in Goyang City to promote exchanges between the two countries.

This briefing attracted more attention than usual as it was held after the establishment of diplomatic relations between Korea and Cuba in February. Tania Aguiar Fernandez, Vice President of the Cuban Chamber of Commerce, who spoke as a presenter, introduced Cuba's investment environment and industry-specific incentives.

Vice President Tania said, "The Cuban government has designated renewable energy, agro-food, resource recycling, bio, and mineral supply chains as key industries to promote cooperation with foreign companies," adding, "As of the end of last year, a total of 729 foreign investment projects have been carried out in sectors such as construction, energy, and finance."

Yoo Sung-jun, head of KOTRA's Havana Trade Office, gave a presentation on ways for Korean companies to enter the Cuban market. Director Yoo said, "Due to U.S. sanctions, direct transactions with Cuban state-owned enterprises are not easy, but private small and medium-sized enterprises established since 2021 have grown to account for 14% of GDP," urging continuous interest from Korean companies in the Cuban market.

Lee Ji-hyung, head of KOTRA's Economic and Trade Cooperation Headquarters, said, "Until now, economic exchanges between the two countries have been limited due to Cuba's economic situation and the special status as a non-diplomatic country, but this establishment of diplomatic relations has created momentum for expanding cooperation," adding, "We will continue to actively play a role in strengthening the economic cooperation foundation between the two countries."