On December 17, Daewoo International and Gecomex, the largest state-owned trading company in Cuba, signed a memorandum of understanding (MOU) to cooperate on project implementation and trading.
Gecomex is Cuba’s largest state-owned trading company, and it handles about one third of Cuba’s total imports. Both parties will work together on a financial benefits program for imports and exports between the two countries, and for major on-going projects in Cuba. With the agreement, Daewoo International expects to stay ahead in the Cuban market and secure channels to sell high quality Korean products. It also expects to see tangible results from its entry into the Cuban infrastructure market on top of trading of steel, components, machinery and chemicals.
An official from Daewoo International said, “After resuming diplomatic relations with the U.S., Cuba has become an appealing country for Korean companies. With this agreement, we will export more to Cuba and push for infrastructure projects in telecommunications, electricity and transportation.”