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03/28/2024 09:49:48 am

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29 Agreements Signed During China President Xi Jinping Visit to Cuba

Cuba's President Raul Castro (L) stands next to China's President Xi Jinping (R)

Cuba's President Raul Castro (L) stands next to China's President Xi Jinping (R) in Santiago de Cuba July 23, 2014.

China President Xi Jinping ended his visit to Cuba Wednesday with 29 signed agreements for strengthening economic and diplomatic ties between the two countries.

The accords cover topics such as oil exploration, nickel exports and a Havana golf course development, Bloomberg reported, citing Cuban state news agency Granma. One pact calls for joint construction of a port in Santiago de Cuba, and another involves improving Cuba's telecommunications systems.

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Xi said at an event that he and Cuban President Raul Castro were "full of confidence over the future development of relations between our country and Cuba."

"China is leading the charge to begin deepening our comprehensive reforms, while Cuba is in the process of updating its economic model," he said.

The stop in Cuba concluded Xi's eight-day tour of Latin America and the Caribbean. Providing a boost to a region that is experiencing slow growth, Xi announced more than US$15 billion in investment and trade deals on the trip. More than US$8.6 billion of that amount will go to Brazil, where China will help create a US$50 billion development bank.

Xi signed a US$7.5 billion deal with Argentina President Cristina Fernandez de Kirchner to update an important rail line. A stop in Venezulea led to an agreement for a joint automobile venture, according to Bloomberg.

The accords in Cuba may provide a welcome jolt to the island nation's economy. Cuba's economy is predicted to grow just 1.6 percent this year, according to Adel Izquierdo Rodriguez, the country's minister for economy and planning.

Castro was reportedly disappointed when the economy grew by only 0.6 percent in the first half of 2014.

Cuban media provided few specifics of the agreements signed by Xi and Castro. However, in one deal, China National Petroleum Corp. will assist in searching for new offshore oil fields.

China is Cuba's second-largest trade partner, trailing only Venezuela. 

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