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28 Nov 2018

Cuba interested in setting up industrial joint ventures with Belarus

Cuba interested in setting up industrial joint ventures with Belarus

MINSK, 28 November (BelTA) – Cuba is interested in taking economic cooperation with Belarus to the next level by means of setting up joint industrial enterprises, BelTA learned from Ambassador Extraordinary and Plenipotentiary of Cuba to Belarus Juan Valdes Figueroa before a seminar on prospects of export to Latin American countries on 28 November.

The ambassador said that Belarus and Cuba maintain close ties in many spheres, including trade and economy. “Belarus traditionally supplies Cuba with very valuable tractors, other mechanical engineering products. Opinions about these products are very good, this is why it is important for us to continue trading with Belarus and take it a step further – to the establishment of joint ventures. A law on foreign investments and joint ventures has been passed in Cuba. It stipulates the most promising avenues. Belarusian manufacturing expertise and Cuban workforce can be combined to set up enterprises to make, for instance, tractors, trucks, and buses,” said Juan Valdes Figueroa.

Speaking about Belarus’ cooperation with Latin American countries, Belarusian Deputy Minister of Foreign Affairs Evgeny Shestakov stressed that merchandise export and import demonstrate comparable figures. “The economies of Belarus and of these countries complement each other in many aspects. We buy products, which we lack due to natural climatic reasons,” said the official. “We traditionally sell potash fertilizers, rolled metal, chemical products, which the intensively developing economies of Latin America need. Instructions have been given to increase the share of sophisticated technology products in our export. We see certain fears on the part of exporters. Such sales go hand in hand with long-term cooperation due to the need to establish aftersales service centers and a permanent market of spare parts. Although these products can be competitive in Latin America, they are in short supply.”

According to the deputy minister of foreign affairs, the seminar on prospects of export to Latin American countries was beneficial for Belarusian exporters. “It is important for the companies, which are learning to operate on remote markets. The problems they may encounter are mostly subjective. Our exporters are afraid of long distances. They shouldn’t. They should study the conditions and seek reliable partners in Latin America. A majority of companies from all over the world work well on this market,” noted the official.

The seminar took place in the National Library of Belarus. It gathered representatives of about 100 Belarusian companies, diplomatic and consular institutions of Argentina, Cuba, Mexico, and Chile. The Belarusian companies were given an opportunity to get some practical information they need to penetrate this market. Presentations of Latin America countries were also part of the program.

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