According to Yonhap News,

(SEOUL=Yonhap News) The head of the Cuban Chamber of Commerce said Tuesday his country has great potential for economic cooperation with South Korea.

"We are interested in increasing ties between the companies and between the institutions of both countries with the aim of increasing business exchanges," Orlando Hernandez Guillen, president of the Havana-based organization, said in a forum here.

It was co-hosted by the Korea Chamber of Commerce and Industry (KCCI) and the Korea Trade-Investment Promotion Agency (KOTRA) with the theme "Seize business opportunities in Cuba."

Around 200 local businesspeople attended the session held at the KCCI building.

Cuba is drawing global attention from investors seeking new businesses, as the U.S. has begun to ease half-a-century economic sanctions on the nation. The number of foreign travelers to Cuba jumped 17.4 percent on-year to 3.5 million in 2015.

"Cuba has favorable business conditions as a commercial hub for the region. Cuba will serve as a bridgehead for companies seeking to tap into the U.S. and the other North American markets," said Guillen, formerly Cuba's vice minister for foreign trade and investments. He is leading a Cuban business delegation to Seoul.

Cuba is seeking a new social and economic model, taking lessons from China, Vietnam and some of its Latin American peers, he said.

"We recognize foreign investment as a source of economic development... an active and fundamental element for economic development," he said through a translator.

He stressed that Cuba, which has a population of 11.2 million, also has a huge pool of educated and highly skilled workforce from dozens of universities, especially strong in medicine and engineering.

Guillen requested South Korean companies pay more heed to the Mariel Special Development Zone, 45 kilometers west of Havana, saying it offers various tax incentives.

He said his agency is willing to provide every necessary support. Seoul and Havana have no formal diplomatic ties, although KOTRA operates an office in the Cuban capital.

Two-way trade volume between the two countries totaled US$58 million last year. South Korea's main export items include light vehicles, the related spare parts, tires and air conditioners. It largely imports frozen liquors, cigars, lobsters, shellfish and coffee from Cuba.

In a separate report, KOTRA said the Cuban government is placing priority on nurturing its biotech, construction, renewable energy industries.

"Our firms need to craft a strategy for businesses in Cuba, closely monitoring relations between the U.S. and Cuba down the road," it noted.

lcd@yna.co.kr

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