Korean gov’t starts to build a relationship with Cuba

The Korea Trade-Investment Promotion Agency (Kotra) will export the country’s business know-how to Cuba, one of four nations it has not established diplomatic relations with yet. Cuba has recently been opening its doors and has even normalized ties with the Unites States, attracting nations seeking a new business market.

Kim Jae-hong, the CEO of Kotra, visited Cuba for two days on Wednesday and met Cuban state officials to spread the Korean government’s Knowledge Sharing Program, which includes its economic development progress.

Kotra said Cuban officials will visit Korea from Monday to Friday in order to learn what the state-run agency has done to promote Korea’s trade and what kinds of economic policies the government carried out in which period. They will also visit Korean government offices, including the Ministry of Strategy and Finance, to study the country’s economy. The agency said building ties with Cuba would provide new business opportunities for Korean companies in the future.

“I saw Cubans have a good feeling about Korean companies, thanks to some popular TV dramas,” said Kim, the agency’s CEO. “In 2005, only about $150,000 worth of trade was made between the two countries, but the amount skyrocketed to $68 million last year.”

Korea has been selling car parts such as engines while Cubans have been exporting cigars, coffee and marine products.