Korean companies assess investment opportunities in Cuba

Young Ho Oh, President and CEO of KOTRA, Korea Trade Promotion Corporation advises companies from that Asian country to invest increasingly in Cuba, despite the slowing economy in the island and its yet recent opening to foreign investment.

In a dialogue with OnCuba Young Ho Oh said that the Caribbean country “has a very important position in world politics” and “is making many positive changes in the economy”. He valued optimistically the updating the Cuban economic model and mentioned the recent visit of Russian President Vladimir Putin and Chinese President Xi Jinping as an example of the goodwill Havana awakens in the powers geographically close to his country.

“There are Korean companies which are keen to invest in Cuba in the future,” said Yong Ho Oh, and stated that the entire negotiation process is embryonic. “We are receiving government support in Cuba, but we are different countries and there are some differences of opinion, but what we are doing is bailing these differences, step by step, in order to have a cooperative relationship”.

Renewable energy is one of the most attractive sectors for possible Korean investment in Cuba. According to the director of Kotra, the Island “has a great future in photovoltaics” and Korea can provide the necessary technology to improve energy efficiency in electricity distribution.

The absence of diplomatic relations between the two nations is the main obstacle to business between Havana and Seoul. Korean entrepreneurs interested in Cuba depend on the consular services of the embassies of their country in Mexico or Canada.

When asked why he encourages his associates to invest in a country that befriends North Korea, the eternal antagonist of capitalist Korea, Young Ho Oh appeals to the past: “Korea has a half a century history of war. We started from the ashes and in fifty years we achieve what we have now. We have that experience. We know more than any other country what difficulty, what sacrifices, what should be done to achieve that. Actually, we want to share our experience”, said Yong Ho Oh.