• Submitted by: lena campos
• Business and Economy
• 11 / 05 / 2012

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Cuba and Russia must increase the volume and quality of their bilateral trade, said today Russian Minister of Industry and Trade, Denis Valentinovich, during the opening of the Tenth session of the Inter.-governmental commission.

The Russian official explained that this year the bilateral trade grew 17 percent against the same period of 2011, but it is still insufficient because there is potential to be tapped.

He said that an update of the legal base of commercial, economic and scientific-technological collaboration is needed, and such documents are scheduled to be signed as part of this work session, included in the activities of the 30th International Fair of Havana.

He referred to bright prospects for the participation of Cuban experts in the process of design and development of cars and railway systems, besides joint work in oil prospecting and exploitation.

Valentinovich noted that Cuban biotechnological and pharmaceutical products are priorities in the agenda of bilateral trade because of their great international prestige and effectiveness.

Cuban Vice President of the Council of Ministers, Ricardo Cabrisas, noted that the parties work with a comprehensive and pragmatic approach for an agenda through 2020 that will govern bilateral collaboration based on complementariness to strengthen trade and investment in key sectors.

He recalled that Russia is now Cuba's ninth trade partner, and insisted in the need to increase trade of Cuban goods and services.

He also highlighted Cuba's rigorous compliance with financial obligations in line with the due date of credit facilities granted by Russia, creating a favorable atmosphere for new loans.

On behalf of the Cuban Government, Cabrisas thanked Russia for its rapid assistance and solidarity by sending recently construction materials directly to hurricane worst-hit areas in eastern Cuba.

Source: Prensa Latina