SEOUL – The South Korean and Cuban Chambers of Commerce signed on Monday an agreement to lay the groundwork for bilateral economic cooperation, marking a step towards the normalizing of relations between the two countries that do not maintain bilateral relations.
The President of the Korea Chamber of Commerce and Industry (KCCI), Park Yong-maan, and his counterpart at the Cuban Chamber of Commerce, Orlando Hernandez Guillen, signed a memorandum of understanding in Seoul, KCCI said in a statement.
The agreement requires both parties to share business-related information, carry out exchanges between their delegations and organize joint forums, the statement said.
Hernandez Guillen, who has a long career in charge of international trade affairs of the Cuban government, will meet with South Korean business representatives to guide them on ways to invest in the Caribbean country.
This agreement is expected to be a step towards normalizing diplomatic ties between South Korea and Cuba after both governments expressed their willingness to do so as soon as possible.
Seoul and Havana broke diplomatic relations in 1959 mainly due to the historical, political, and ideological alliance between Cuba and the North Korean regime.