S Korea, Cuba to foster biz cooperation

The South Korean and Cuban business communities agreed Monday to boost partnerships to promote economic cooperation.

The Korea Chamber of Commerce and Industry (KCCI) and the Cuba Chamber of Commerce signed a related memorandum of understanding (MOU) in a ceremony here. It was attended by KCCI President Park Yong-maan and his Cuban counterpart, Orlando Hernandez Guillen.

Under the deal, the two sides plan to share business-related information, exchange delegations and hold joint forums, according to the KCCI.

It is expected to lay the groundwork for more South Korean firms to launch businesses on the Caribbean island, with which South Korea has no formal diplomatic ties.

"Cuba is drawing attention as a newly emerging market in Latin America, but there has been a lot of difficulties for South Korean companies to tap into the market," the KCCI said, adding the MOU will help the businesses of the two nations strengthen their "networking."

In the first joint program, the head of the Cuban Chamber of Commerce is scheduled to brief business leaders here on ways to invest in his country at the KCCI headquarters.

Guillen is known as a trade expert, having worked as Cuba's vice minister for foreign trade and investments.

The Cuban Chamber of Commerce was established in 1961 on a mission to support trade and foreign investment. It has around 800 member firms.