South Korea, Cuba Hold 1st Economic Cooperation meeting

South Korean and Cuban business delegates have discussed ways to boost economic cooperation for the first time since their diplomatic relations were severed 57 years ago following Cuba’s socialist revolution.

    The Federation of Korean Industries(FKI) said on Monday that the first bilateral economic cooperation committee meeting was held in Havana on Sunday. The sole private channel boosting cooperation between the two sides held talks on ways to expand cooperation in various industries, including electricity, energy, biomedicine and food.

    The volume of trade with Cuba stood at 57 million US dollars in 2015, less than zero-point-one percent of South Korea’s total trade. However, Cuba is emerging as a new promising market as it is actively adopting an open door policy since its normalization of diplomatic ties with the U.S.