The presidential office stated regarding Cuba, with which diplomatic relations have recently been established, that “as a major reserve of nickel and cobalt, which are essential for secondary battery production, Cuba holds significant potential for cooperation in mineral supply chain sectors.”
According to a document titled “Expected Effects by Field Resulting from the Diplomatic Relations between South Korea and Cuba” released on Feb. 18, the presidential office presented the expected effects in various fields such as economy, culture, sports, and consular affairs and veterans affairs resulting from the establishment of diplomatic relations between South Korea and Cuba.
The presidential office stated, “Cuba is experiencing shortages of essential goods due to U.S. sanctions,” and expressed its intention to explore opportunities for South Korean companies to enter sectors such as daily necessities, electronics, and machinery and equipment. It further mentioned plans to alleviate constraints on domestic companies through the signing of formal economic agreements in the future and to provide detailed local support for the entry process of South Korean companies through the establishment of diplomatic offices.
The presidential office highlighted that “Cuba considers overcoming chronic power shortages as the top priority for economic recovery and is exploring the expansion of power generation facilities and renewable energy.” It anticipated the potential for South Korean companies specializing in the energy sector such as power generators and plants to enter the Cuban market.
Furthermore, it mentioned that substantial development assistance, including the provision of Official Development Assistance (ODA), is anticipated, and there are opportunities for expanding the entry of South Korean companies into sectors such as telecommunications and food, which are linked to the development cooperation. It also left open the possibility of collaboration, such as joint research and development (R&D) in clinical medicine, leveraging Cuba’s experts who possess global competitiveness in the medical and biotech industries.
The presidential office said, “Cuba has remained an untapped market due to the absence of diplomatic relations until now. Although direct trade is currently significantly restricted due to U.S. sanctions, we aim to gradually establish a foundation for expanding economic cooperation through the establishment of diplomatic relations and the opening of permanent diplomatic offices in the future.”
The South Korean government plans to provide systematic consular assistance through the opening of diplomatic offices in the future. Before the COVID-19 pandemic, approximately 14,000 South Korean nationals had visited Cuba annually.
Until now, consular support has been indirectly provided by local consular cooperation officers and KOTRA trade offices due to the absence of diplomatic missions. In significant incidents or accidents, consular officers from the South Korean Embassy in Mexico City were dispatched. However, with the systematic provision of consular assistance, the government explained that it would strengthen the safety of South Korean nationals.
The presidential office stated, “With the expectation of an increase in tourists such as group tourism following the establishment of diplomatic relations, immediate consular assistance related to incidents and accidents will be provided 24 hours a day upon the opening of diplomatic offices in the future. We will also enhance the national status through veteran diplomacy targeting Korean-Cuban descendants.”