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Cuba, South Africa to enhance economic ties

Xinhua, July 20, 2016 Adjust font size:

Cuba and South Africa on Tuesday held a business forum aimed at boosting economic relations.

The forum in Havana brought together representatives from 10 major South African companies from various sectors and their local counterparts.

Celia Labora Rodriguez, director of international relations of the Cuban Chamber of Commerce, stressed the need to strengthen bilateral economic collaboration between the two nations.

She noted that economic collaboration will be bolstered by the economic changes in her country and the new investment law that seeks to attract foreign capital.

Paul Pieterse, deputy director of the South African Chamber of Commerce, said the forum represented an ideal platform to identify new business opportunities to increase South Africa-Cuba cooperation.

Cuba and South Africa established formal relations in 1994 after the fall of the apartheid regime in the African country.

In 2008, Pretoria wrote off 117 million U.S. dollars of Cuban debt.

The two countries have cooperation in mining, tourism, construction and manufacturing, with a trade flow of 8.6 million dollars in 2014, Cuban official figures show. Endi