In the midst of the deep economic crisis suffered by the island, Cuban businessmen are exploring the possibility of financial support from the Eurasian Economic Union (EEU), specifically for the industrial sector.
With this objective, businessmen from the island exchanged via videoconference from Havana with UEE officials in Moscow, reports Latin Press (PL).
The meeting took place at a time when the Cubaindustria 2024 convention and its exhibition fair are being held in the Cuban capital, with the declared objective of “strengthening strategic alliances” and promoting “greater integration and international insertion.”
As part of the exchange, Georgy Arzumanyan, deputy director of the Industrial Policy department of the Eurasian bloc, gave a seminar on the topic from the Russian capital to the representatives of Cuba.
Furthermore, both parties “addressed in detail the steps to materialize financial support projects in the industrial sphere, the final ratification of which occurred on the 7th,” the report states.
The financing mechanism includes Russia and the remaining member countries of the Eurasian Economic Union, but Cuba can benefit from it thanks to its observer status before that organization.
To implement financial support for the industrial sector, “a system of more than twenty banks is activated,” he points out. P.L.which does not provide more details on the matter.
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Cuba and the EEU
Cuba has been an observer country of the EEU since 2020. Since then, it has carried out “very active work in advancing relations with the states of that integration entity,” according to the official media.
The island and the Eurasian bloc signed a memorandum of Understanding for full cooperation and assistance in the expansion and diversification of trade and investment, as well as other agreements and collaboration mechanisms.
Last January, both parties held the third meeting of the bilateral Joint Commission in Havana, in which they established agribusiness, tourism and biopharmaceuticals as “priority sectors” in their cooperation plan.
At the meeting, they also discussed the ways to continue implementing the agreed bilateral action plan until 2025 and the strategic lines for 2030, it was reported at the time.
Island authorities, such as President Miguel Díaz-Canel and Prime Minister Manuel Marrero, regularly participate in UEE forums and meetings, both virtual and in-person. In them they have confirmed their government’s interest in greater exchange with the entity.
Founded in January 2015, the Eurasian Economic Union is made up of Armenia, Belarus, Kazakhstan, Kyrgyzstan and Russia, while Tajikistan, Uzbekistan and Cuba appear as observer countries.
