President urges strengthened Vietnam-Cuba economic ties

President Truong Tan Sang held that economic collaboration between Vietnam and Cuba has yet to match the sound political relations between the two countries, as bilateral trade reached only 200 million USD in 2014.

Addressing the Vietnam-Cuba business forum in Havana on October 1, he called on both sides to make cooperation breakthroughs in spearhead sectors such as construction material, infrastructure, telecommunications, oil and gas exploration and exploitation and technology to optimise their affiliation potential.

He expected that more Vietnamese investors will explore trade and investment partnership with Cuban partners, contributing to fostering the traditional friendship between the two peoples.

The President lauded Cuba’s recent achievements with its dynamic and proper external policies, which have helped the Caribbean country raise its international position, enjoy numerous economic growth prospects and improve local living conditions.

The potential and prospects are being generated by updates to Cuba’s economic model, first launched in 2009, he stated, adding that the inauguration of the Mariel special economic zone together with preferential policies in investment and administrative procedures will boost foreign investment to Cuba.

Visiting the Calimete rice development project in Matanzas province, President Truong Tan Sang highlighted the significance of the project to Cuba’s targets on food independence. He described it as an effective model that should be expanded upon in the future.

He vowed that both governments stand ready to create favourable conditions for the project’s development to contribute to food security in Cuba.

Since the project was launched in 2002, Vietnam has sent experts to Cuba to directly instruct farmers on shifting their cultivation practices and organised training courses in Vietnam while presenting a number of agricultural machines to Cuba.

The project has helped reduced Cuba’s rice import volume to 300,000 tonnes per year in 2012 onwards from 400,000-450,000 tonnes from 2005-2011.

The same day, President Truong Tan Sang also visited a primary school named after President Ho Chi Minh before concluding his two-day official visit.-VNA