China-Cuba: Another story of Infrastructure for Natural Resources?
Monday marked the final day of the Chinese Vice President's diplomatic visit to Cuba.
Xi Jinping met with Cuban President Raul Castro, the younger brother of former leader Fidel Castro, with aims of boosting economic ties between the two socialist nations.
The Chinese government supports competent Chinese enterprises in seeking new opportunities for cooperation and investment in Cuba, Xi told China's state-owned Xinhua News Agency.
The exact details of the new and improvement business partnership between China and Cuba have yet to be revealed, but China's movements to bring large-scale infrastructural projects to South America have been largely responsible for their recent success in the region.
China's trade with the region has risen 50 percent in the past two years to roughly $180 billion.
Many South American countries are rich in the natural resources that China desperately needs to fuel its growing economy, especially since a drought last winter season has meant a severe decline in the nation's hydropower energy.
According to one Reuters article, China signed a letter of intent to redo a Cuban oil refinery.
China is currently Cuba's second largest trading partner after Venezuela.
© Copyright IBTimes 2024. All rights reserved.