Seoul touts economic potential of S. Korea-Cuba ties The Korea Herald - February 17, 2024
The national flags of South Korea (left) and Cuba are embedded within images of shaking hands. (123rf) The South Korean presidential ...
The South Korean presidential office said Sunday that the establishment of diplomatic ties with Cuba would create new economic opportunities for Korean companies, though it conceded it would take time…The office admitted that "direct trade with Cuba is significantly restricted due to United States' sanctions on Cuba." This means traders need to move goods and money via third countries such as Panama…The US currently maintains an economic embargo of Cuba that was first imposed in the 1960s, following the revolution led by Fidel Castro and the nationalization of properties belonging to US citizens and corporations…But the office highlighted that Cuba holds the potential to emerge as a promising new market, ripe with opportunities for economic expansion and development if US sanctions are lifted…"
Cuba stands as a key repository for nickel and cobalt, vital for secondary battery production, signifying abundant potential for collaboration in the mineral supply chain sector," the presidential office said…The presidential office explained that Cuba was the world's fifth-largest producer of nickel, and the country has the world's fourth-largest known cobalt reserves…South Korean manufacturing businesses also will be able to explore opportunities for expansion in sectors such as consumer goods, electronics, and machinery, given that Cuba is currently having commodity shortages due to US sanctions…Cuba has identified the mitigation of its chronic energy crisis as a paramount task for economic recovery, actively seeking to expand its power generation infrastructure and promote the development of renewable energy sources…South Korea established diplomatic relations with Cuba on Wednesday.