Seminar looks to promote HCM City investment in Cuban special economic zone
A seminar to promote investment in Cuba’s Mariel Special Development Zone (ZED Mariel) to bolster economic, investment, trade and tourism and healthcare cooperation between Ho Chi Minh City and Cuban localities was held in the southern hub on April 19.
ITPC Deputy Director Cao Thi Phi Van speaks at the seminar (Photo: VNA)The event, jointly organised by the HCM City Investment and Trade Promotion Centre (ITPC) and Cuba’s Universales Almacenes S.A in the city, also aims to open up chances for businesses to step up trade activities and seize opportunities brought by the Vietnam-Cuba Trade Agreement.
Vietnam is currently the second largest Asian trade partner of Cuba and two-way trade hit 102 million USD in 2020. The Vietnam-Cuba Trade Agreement taking effect in early of that year has helped promote trade and presence of Vietnamese firms in Cuba.
The countries have collaborated in various fields, including agriculture, oil and gas, telecommunications, education and healthcare.
In terms of investment, Vietnam has channelled more than 44 million USD into four projects in Cuba while the Caribbean nation has poured investment worth over 7 million USD into Vietnam.
The countries’ trade and investment relations have yet to align with their friendship and ample room remains for businesses, ITPC Deputy Director Cao Thi Phi Van said.
The seminar was the first activity held between HCM City and Cuba since COVID-19 broke out and aimed to create a momentum for the sides to expand cooperation for future development, as well as support Vietnamese firms seeking investment chances in Cuba.
ZED Mariel is expected to offer opportunities for foreign investors, including those from Vietnam.
A representative of the Vietnam Glass and Ceramics for Construction Corporation (Viglacera), which is investing in the zone, said that Cuba holds huge advantages for the development of food and consumer product manufacturing and processing; fertiliser and animal feed; medical supplies and equipment; and construction material and renewable energy./.
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