Last week, first ever bilateral UAE-Cuba Investment Forum in Abu Dhabi highlighted the opportunities for investment in the Cuban economy.
It was the culmination of a week-long program for a group of senior Cuban Government officials and businessmen led by Rodrigo Malmierca Diaz, Cuba’s Minister of Foreign Trade and Investment. The Cuba group also visited a number of businesses and organizations in Abu Dhabi and Dubai.
Fahad Al Taffaq, Director of Economic Affairs and International Cooperation Department at Ministry of Foreign Affairs, said, “The recent visit of UAE Foreign Minister H.H. Sheikh Abdulla bin Zayed Al Nahyan to Cuba, during which was the official opening of the UAE Embassy in Havana, marked a historical milestone for both countries.”
“We stress the importance of a sound legal framework for the relationship to grow. In that regard, we hope to see an agreement for the Avoidance of Double Taxation and Investment Protection Agreement between the UAE and Cuba in the future” he said.
Topics under discussion at the Forum included the current investment climate in Cuba, special development zones in the country, opportunities in the Cuban genetic engineering, biotechnology and pharmaceutical sectors and investment opportunities for Cuban businesses in the UAE.
Earlier this month, Shaikh Abdullah Bin Zayed Al Nahyan, UAE Foreign Minister, inaugurated new UAE diplomatic mission in Cuba during an official visit to the Caribbean island. At that time, Mr. Malmierca, signed a credit agreement with the Abu Dhabi Fund for Development (ADFD) to finance a solar energy farm that will generate 10MW of electricity. The ADFD offered the Government of Cuba $15 million in concessionary loans to support the energy sector.
The UAE established diplomatic relations with Cuba in 2002.