Russia and Cuba sign deals to revive the communist island’s economy. At a summit in Havana this week, Russian and Cuban authorities and business executives signed various agreements to increase sugar and rum production, supply wheat and crude oil to the communist island, and repair deteriorating tourist facilities.
Trade and investment are helping the longtime political allies, both under U.S. sanctions, strengthen economic connections.
“(The deals) constitute a milestone in the history of our bilateral and business ties,” said Cuba’s foreign trade minister Ricardo Cabrisas in a Friday speech ending the summit.
According to a document from the Cuban-Russian Business Committee accessed by Reuters, Russia’s Prodintorg would provide wheat to Cuba’s state-owned Alimport to “guarantee the stability” of Cuban wheat supplies.
According to another pact, Rusmarket, a Cuban marketplace for Russian food and household items, will assist in ingin developing more direct and fluid shipping channels between the two countries.
A third pact reveals Russian and Cuban plans to restore Tarara, a decaying residential beach village near Havana with “ideal for enjoying the ocean, fishing and diving.”
On Friday, Russian deputy prime minister for Tourism, sport, culture, and Communications Dmitry Chernyshenko announced a presidential order to resume daily flights between Russia and Cuba by July, discontinued in March 2022 due to the Ukraine conflict.
This week, a Russian-Cuban rum firm was announced to enhance Cuba’s rum exports. In addition, according to Cuban state media, Russia funded the know-how and technology to restart a steel plant to supply construction materials.
This week, Russian business leaders praised Cuba for welcoming Russian investment and offering “preferential treatment,” including tariff exemptions, long-term land concessions, and ease in repatriating profits.
Cuban officials said about 150 Russian businesspeople attended the Havana forum.
