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/