Deputy Prime Minister Dmitry Chernyshenko held a working meeting with Deputy Prime Minister of the Republic of Cuba Ricardo Cabrisas on the sidelines of the St Petersburg International Economic Forum. The parties discussed the expansion of trade, economic, credit, financial and banking cooperation as well as the implementation of priority Russian-Cuban projects in the industry and energy. Special focus was placed on the tourism sector.
“Cuba is a reliable ally of Russia. President of Russia Vladimir Putin and President of Cuba Miguel Diaz-Canel have repeatedly emphasised the relevance of developing a strategic partnership between our countries. Today’s meeting reaffirms that we have chosen the right path to develop our interaction in the field of investments and joint projects. In particular, we highly appreciate the results of the 21st meeting of the Russian-Cuban Intergovernmental Commission, which took place in March,” Dmitry Chernyshenko said.
The parties noted that last year an agreement was signed to encourage Russian investors’ involvement in Russian-Cuban projects in Cuba.
“Our joint work and the consensus reached between our countries’ leaders have resulted in signing documents to promote Russia-Cuba business ties. Yet, we should not become complacent but constantly look for potential opportunities for cooperation in the spheres of mutual interests. This is not only important for bilateral cooperation, but also for developing our interaction with the countries of Latin America as well as Russia’s neighbouring states. Thus, our government and business circles express their readiness to continue working on a regular basis and follow the roadmap we previously signed,” Ricardo Cabrisas emphasised.
The project to upgrade the Jose Marti Antillana de Acero metallurgical plant is a priority initiative within the framework of bilateral cooperation. Currently, over 85% of the work has been already implemented under the project.
The Russian Deputy Prime Minister noted that joint projects, such as enhancing oil recovery at the Boca de Jaruco field, help reduce Cuba’s dependence on imported oil and petroleum products.
“We have also provided a significant boost to our interbank cooperation, for instance, by launching the operation of Mir, a Russian card payment system. Issuance of Mir cards in Cuba could be the next step in the development of retail payments, allowing Cuban tourists to pay for goods and services in Russia and also transfer money from Russia to Cuba using a card number. Given the major social significance of this project, we propose getting down to its practical development,” Dmitry Chernyshenko said.
The officials also discussed joint initiatives in tourism.
“Over the first quarter of 2024, about 67,000 Russian tourists visited Cuba, twice as many as during the same period last year. Work is also underway to maintain the intensity of direct flights,” the Deputy Prime Minister noted.
In addition, work is underway to create an all-season resort on the island. The construction of an active recreation park in Havana, similar to Moscow’s Zaryadye Park, is another prospective bilateral project.
“We believe the successful development of these pilot projects will encourage other Russian investors to implement projects in Cuba,” Dmitry Chernyshenko commented.
