The South Korean International Trade Association (KITA) recalled that the first economic sanctions of the United States against the island were imposed in the 1960s, after the triumph of the Cuban revolution; and since then the economic development of the Caribbean country has been slowed down due to the limits on its access to world trade and finance.

Therefore, South Korean economic cooperation should be deepened by focusing on official development aid, which is one of Cuba’s areas of greatest interest, KITA said in the note.

According to South Korean entities, since the 1990s, South Korea has exported products from large companies to Cuba, such as vehicles, household appliances and tires, through indirect trade through agents in third countries; the energy sector stands out as the most active.

From 2009 to 2014, South Korean exports to Cuba of maintenance equipment for Hyundai generators, as well as vehicles and household appliances, increased actively.

After the restoration of diplomatic relations between Cuba and the United States in 2015, during the Barack Obama Administration, the trade volume between South Korea and Cuba increased to historic values; but after the inauguration of the first Donald Trump government in 2018, bilateral trade fell again.

Kotra warned that due to the US blockade against Cuba, and after the second inauguration of the Trump administration, bilateral trade will take time to expand.

Even so, it is necessary to strengthen economic cooperation gradually, promoting cooperation projects in areas of interest to Cuba, such as agricultural and food production, renewable energy and recycling of natural resources, the text states.

South Korea has been making efforts to expand trade with the Caribbean country, through its participation in the Havana International Fair since 1996, and the opening of a Kotra office in the Cuban capital in 2005.

ef/jha/nvo