Britain explores business opportunities in Cuba

British business leaders met with their Cuban counterparts Tuesday in Havana as part of a business forum designed to boost bilateral trade.

Representatives from both countries "reaffirmed their willingness to strengthen cooperation in priority sectors, such as energy, construction and tourism," state daily Granma said.

The 30-member British delegation, which will be in Cuba through Thursday, is led by Lord Hutton of Furness, president of the Cuba Initiative group, and includes business leaders and officials from the London Chamber of Commerce.

Pedro Luis Padron, an official with Cuba's Ministry of Foreign Trade and Investment, told the forum that bilateral exchange fell almost 40 percent in 2014, mostly due to a drop in Cuban exports.

"That forces us to establish a plan of action that will help raise the figures of our trade balance and incorporate new Cuban products," Granma cited Padron as telling the participants.

The visiting delegates were brought up to date on Cuba's new foreign investment law, Cuba's ongoing economic reforms and investment opportunities, especially in Cuba's fledgling Port of Mariel development zone.

"We welcome enthusiastically the presence of this large delegation of British businessmen, particularly in the current context in which Cuba renews its efforts to attract foreign investment," British ambassador to Cuba Tim Cole said, according to a press release issued by his office.

"We are convinced that there is great potential to develop and further advance the commercial ties between our two countries in key areas," Cole added, underscoring the existence of a highly qualified workforce in Cuba.

The thaw in relations between Cuba and the United States has also warmed Cuba's ties with numerous Western countries that previously shunned the island.

The visit by the British business group coincided with another by an Italian delegation and a trade mission from the U.S. state of Texas. Endi