February 21, 2024

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Cuba rolls out red carpet for Russian business enterprise in thrust to deepen financial ties

HAVANA, May 17 (Reuters) – Russian and Cuban officers and small business leaders on Wednesday introduced new benefits to entice Russian buyers into the Cuban market, the hottest indicator of fast-rising financial ties among the two prolonged-time political allies.

Boris Titov, head of the Russian delegation of the Cuban-Russian Organization Committee, instructed a forum of Russian business owners in Havana that Cuba experienced decisively opened the door to Russian financial investment.

“They are giving us preferential procedure,” Titov advised the packed forum in Havana´s Lodge Nacional. “The path is apparent.”

Titov explained Cuba experienced made available Russian firms the suitable to make use of Cuban land for 30 year-phrases, an unusual concession to overseas companies in the communist-operate country.

He explained Cuba would also exempt Russian corporations from import tariffs on specified technological know-how, and would make it possible for Russian companies to repatriate their income, a reward in Cuba´s point out-dominated financial state.

The two countries, on reverse sides of the world, are also considering methods to speedy-track transport concerning them, Titov mentioned.

“In Soviet occasions there was a immediate port and maritime hyperlink,” Titov instructed the discussion board. “We are analyzing this possibility with the entrepreneurs of Cuban ships.”

Cuba in recent months has sought to woo traders from Russia and other politically allied nations in a bid to shore up its devastated economy, ravaged by the coronavirus pandemic, harsh U.S. sanctions and rampant inefficiencies.

Russia, also reeling from Western sanctions more than the conflict in Ukraine, has in latest months moved to reinforce financial ties with Cuba and other Latin American nations around the world opposed to what it calls U.S. hegemony.

Ricardo Cabrisas, Cuba´s minister of international commerce instructed reporters on the sidelines of the forum that the financial ties concerning Russia and Cuba would only improve stronger.

“Very little and no one can prevent it,” Cabrisas claimed.

Bilateral trade amongst Cuba and Russia arrived at $450 million in 2022, three times that of 2021, according to Sergei Baldin, Russia´s trade agent in Cuba.

Baldin explained 90% of that trade was comprised of gross sales of petroleum goods and soy oil.

Reporting by Dave Sherwood in Havana
Editing by Alistair Bell

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