Cuban First Vice President Raul Castro and Venezuelan President Hugo Chavez presided over a ceremony for the signing of 14 new initiatives for increased economic integration between the two countries under the framework of the ALBA agreement.

The signing took place Monday in Havana, during which both leaders remarked on the importance of the agreements and the contribution they make towards the process of union and integration between the two nations.

The accords were subscribed in thirteen documents, five memorandums of understanding, two letters of intention, one cooperation agreement, two joint ventures and three contracts for oil exploration and exploitation.

Hugo Chavez also signed a presidential decree for the creation of a state run joint venture to install, operate and service the international telecommunication system between the two countries. This agreement is aimed towards fostering Latin American integration and at achieving independence and sovereignty in the areas of technology and communications.

Also attending the signing ceremony for Cuba were Vice President Carlos Lage, Minister of Telecommunications Ramiro

Valdes, Foreign Minister Felipe Perez Roque (Cuba) and Minister of Foreign Investment and Economic Collaboration Marta Lomas; for Venezuela, Foreign Minister Nicolas Maduro, Minister of Energy and Petroleum Rafael Ramirez, Minister of Telecommunications Jessie Chacon, Minister of Basic Industry and Mining Jose S. Khan, among others.

Source: Elson Concepción, Granma