Cooperation with Cuba

Daewoo International Corporation CEO Kim Young-sang (left) poses with a signed memorandum of understanding alongside Gecomex Chairman Aurelio Mollineda (right) on Dec. 17 in Cuba for cooperation in projects and trading.
Daewoo International Corporation CEO Kim Young-sang (left) poses with a signed memorandum of understanding alongside Gecomex Chairman Aurelio Mollineda (right) on Dec. 17 in Cuba for cooperation in projects and trading.

 

Daewoo International Corporation (CEO Kim Young-sang) announced that it has signed a memorandum of understanding (MOU) with Gecomex (Chairman Aurelio Mollineda) on Dec. 17 in Cuba for cooperation in projects and trading.

Gecomex is Cuba’s largest state-run foreign trade enterprise, accounting for a third of the national gross income. Under the agreement, the two companies will cooperate in providing financial support for imports and exports and major ongoing projects in Cuba.

With the latest MOU, Daewoo International has paved the way to preoccupy the Cuban market and introduce high-quality Korean products to Cuba by establishing a strategic partnership. In particular, the company is expected to produce tangible results not only in steel, components, machinery, and chemical stock trading but also in the Cuban infrastructure construction market.

An official from Daewoo International said, “After the normalization of diplomatic relations with the U.S., Cuba is the market in which the number of Korean companies to seek expansion will greatly increase, and exchanges between the two countries are expected to expand in the future. With the latest MOU, we will be able to expand exports to Cuba and actively carry forward major infrastructure projects such as communications, electric power and transportation.”

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