Laying a foundation for China-Cuba relations in the new period

The visit aims to enhance bilateral ties in all spheres in the new period.

This has been the first official visit by a Chinese Premier to Cuba since the two countries established diplomatic relations 56 years ago. 

Despite geographical distance, China and Cuba have maintained a close relationship. Premier Li’s visit is considered a perfect opportunity for both countries to boost economic ties based on their fine political relationship.

Economic opportunities open to Cuba as the US loosens sanctions against Cuba.

During talks with President Raul Castro, Premier Li said China supports Cuba’s socialism and pledges to enhance bilateral relations through high-level visits and cooperation on international issues.

Li said both China and Cuba are facing economic development issues. China supports Cuba’s industrialization and wants to work with Cuba in infrastructure construction and manufacturing. 

He proposed that the two countries expand trade and investment cooperation, share development lessons, and expand people-to-people exchanges.

Cuba wants to learn about China’s socio-economic and infrastructure development. 

After the talks, the two leaders witnessed the signing of several agreements on renewable energy, healthcare, communications, industry, customs security, and environmental protection. 

China agreed to remove credit limits for certain projects and provide new credits for projects to be implemented in Cuba.

Cuba’s economic policy, especially its new Foreign Investment Law, has drawn the attention of foreign investors. 

Cuba considers foreign investment a key resource for development. It needs US$2 to 2.5 billion for economic stimulation. Cuba plans to diversify its export commodities, access high-technology, generate jobs, expand production chains, and improve its energy system. 

China has advantages in these sectors and it has rushed to enter this lucrative market.