China eyes investment boost in Cuba

China eyes investment boost in Cuba

Wed Jul 23, 2014 9:29AM GMT



China's President Xi Jinping has held talks with his Cuban counterpart

Raul Castro during a state visit to the Caribbean country in a bid to

discuss the expansion of Chinese investment in the country.



Castro greeted Xi with military honors on Tuesday at the Palace of the

Revolution, where the two leaders later held private talks.



The opening of the Cuban economy has created new opportunities to

tighten bilateral ties, said Xi, who arrived in Havana Monday night.



"Cuba is already fully promoting the updating of its economic model,

which means new and important development opportunities for

Chinese-Cuban ties," he added.



China is already the Caribbean island's second-largest trading partner

after Venezuela and its primary source of credit, filling the gap left

by the US embargo on Cuba and its long-time exclusion from institutions

such as the World Bank.



Nearly 50 Chinese entrepreneurs traveled to Havana along with Xi to

explore business opportunities, attracted by foreign investment

incentives and the planned Mariel free trade zone outside Havana.



Xi kicked off his tour last week in Brazil by pledging a new $20-billion

infrastructure fund for Latin America, highlighting the fast-growing

Asian giant's increasing interest in the resource-rich region.



The trip, Xi's second to Latin America since taking office last year,

has also taken the Chinese president to Argentina and Venezuela. He

offered cash-strapped Buenos Aires an $11-billion currency swap and

signed a raft of oil and mineral deals with Caracas.



Chinese trade with Latin America has grown rapidly in recent years,

reaching $261.6 billion in 2013. China is now the second-largest trading

partner of many countries, including Argentina, and has been Brazil's

largest since 2009.



MFB/HJL



Source: PressTV - China eyes investment boost in Cuba -

http://www.presstv.ir/detail/2014/07/23/372453/china-eyes-cuba-investment-boost/