Cuba and Russia significantly increase bilateral trade in 2023

Cuba and Russia increased bilateral trade in 2023. Both countries promoted measures to increase business investment with specific projects and in priority areas.

Russian exports to the island grew 7.9 times in the first eight months of 2023, with the Caribbean country more than tripling its volume compared to the same period last year, trade representative Sergey Baldin confirmed in an interview with Sputnik.

According to him, this boom is due, first of all, to the great interest of both countries in further promoting the industrial, trade, economic and investment agenda, as well as other areas of mutually beneficial cooperation aimed at strengthening the strategic partnership and long-term alliance.

He said that through joint efforts, the two sides will be able to contribute not only to the implementation of Cuba's National Plan for Economic and Social Development until 2030, but also to the expansion and significant increase in trade.

The 20th meeting of the Intergovernmental Commission, held last May in Havana, served as a bilateral platform for the signing of more than 10 different agreements and treaties that define new directions for the development of co-operation, he stressed.

According to Baldin, the 16 industry working groups operating within the Commission are "very effective tools."

In addition, last November, Moscow and Havana signed a plan for trade and economic co-operation until 2030, which, according to experts, will boost bilateral trade and investment.

The trade representative recalled that Russian companies are interested in co-operation with Cuban partners in such priority areas as energy, heavy industry, agro-food complex, construction infrastructure, mining, light industry, transport, tourism, wholesale and retail trade.

The key tasks are to build mutually beneficial long-term trade and economic, industrial, financial, investment, technological, customs and inter-regional co-operation ties, he said. This is reported by Prensa Latina, a partner of TV BRICS.

Photo: Prensa Latina