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China, Cuba sign agreements to enhance economic ties

United States America,Business/Economy, Tue, 10 Apr 2012 IANS

Havana, April 10 (IANS) Entrepreneurs from Cuba and China's Shandong province have signed cooperation agreements in the fields of biotechnology and information.


Officials from China's Lukang Pharmaceutical Company and Cuba's Center for Genetic Engineering and Biotechnology signed an agreement Monday calling for collaboration in the area of manufacturing and marketing biotech products, reported Xinhua.


Also, Cuba's Ministry of Information and Communications and China's Inspur Electronic Information Industry Co. Ltd said they wanted to develop bilateral trade.


During the meeting, Deputy Governor of Shandong Cai Limin said trade between Cuba and Shandong province, China's third largest province in terms of GDP, reached nearly $100 million in 2011.


Representatives of both countries said they wanted to boost bilateral economic cooperation, especially in the fields of renewable energy, oil, biotechnology and tourism.


Cuba and China established diplomatic relations Sep 28, 1960.



Today, China is Cuba's second largest trade partner after Venezuela, with an annual trade volume of about $2 billion, according to Cuba's National Statistics Office.


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