The Hanoitimes - Cuba is calling for foreign investment in the fields of agro-forestry products and food, sugar cane production, industry, tourism, energy and mining, Cuban Consul General to HCM City Berbabe Garcia said at an investment promotion conference in HCM City on September 23.
Addressing the investment promotion conference held in HCM City on September 23, Cuban Consul General to Ho Chi Minh City Berbabe Garcia said that foreign investors, including those from Vietnam, can invest in Cuba in sci-tech, industrial park and transport infrastructure development, renewable energy and biotechnology
Berbabe Garcia noted that his country is calling for foreign investment in its potential fields such as agro-forestry products and food, sugar cane production, industry, tourism, energy and mining.
The Cuban Government has encouraged cooperation and joint venture between domestic and foreign enterprises, aiming to attract more foreign investment in the country’s key sectors, he added.
Cuba has great demand for textiles, construction materials, cosmetics, food, pesticide, fertilizer, paper and carton, according to the diplomat.
Speaking at the conference, Tran Ngoc Liem, Director of the Vietnam Chamber of Commerce and Industry’s branch in HCM City appreciated the trade and investment incentives the Cuban Government has given to Vietnamese businesses.
Coffee is one of Vietnam's main exports to Cuba
He stressed the conference created a good chance for both countries’ businesses to establish investment and trade links, adding that Vietnamese firm should take the advantage of opportunities to increase exports to Cuba.
Two-way trade between Vietnam and Cuba reached 218.2 million USD in 2015, up 4.65 percent against the previous year. Vietnam’s export value to Cuba was 214.6 million USD last year, with main exports being rice, coffee, chemicals, ceramics, machinery and spare part.
Many Vietnamese firms are running investment projects in Cuba, including the PetroVietnam Exploration Production Corporation (PVEP) under the Vietnam Oil and Gas Group, the Vietnam Glass and Ceramics for Construction Corporation (Viglacera), and electronics producer Hanel Co Ltd, among others.
Earlier, Vietnamese and Cuban senior officials have agreed to enhance economic links between the two countries through experience sharing in promoting economic development models, attracting foreign direct investment (FDI) and developing tourism.
The agreement was reached at meetings between Vietnamese Minister of Planning and Investment Nguyen Chi Dung and the Cuban ministers of economics, planning and tourism during his visit to the country from September 13-15.