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Chinese president builds economic ties with Cuba
HAVANA (AP) China's president was signing dozens of trade and investment deals with communist ally Cuba on Tuesday, part of a Latin America trip on which Chinese businessmen have been snapping up all manner of raw materials. Taking the long view at a time of financial crisis, China is investing heavily in commodity-producing countries, and Cuba is no exception. The deals agreed to by President Hu Jintao included purchases of Cuban nickel and sugar, along with pledges to send food and building materials to help the Caribbean nation recover from three major hurricanes. Other deals promise stronger ties in the future, such as a Chinese commitment to help renovate Cuba's aging ports, which are vital since Cuba receives virtually all its imports by sea. Hu also thanked Cuba for sending doctors to China after last year's devastating earthquake, and for educational programs on the island attended by about 2,000 Chinese citizens, including medical and tourism students. Cuba depended heavily on Soviet largesse and turned a cold shoulder to China during the Cold War's Sino-Soviet split. But ties warmed after the breakup of the Soviet Union in 1991, and Cuba now has no problem dealing with both Beijing and Moscow. With bilateral trade topping $2.6 billion a year, China is Cuba's No. 2 trading partner after Venezuela, where socialist President Hugo Chavez provides nearly 100,000 barrels of oil a day to the island at favorable prices. Posted by: Steve White 2008-11-19 |
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