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Investing in Cuba, an Interest for Spain
Spain ratified in Havana its intention to continue being one of Cuba's main trading partners in the commercial sector and investments with the signing of new agreements to increase cooperation in strategic areas for both sides.

National Spain Day held during the inauguration of the 33rd Havana International Trade Fair (FIHAV 2015) representatives from both governments signed four memorandums of understandings in environment, economy, industry and energy.

The new tools to strengthen bilateral cooperation were signed with the presence of the Vice President of the Council of Ministers Ricardo Cabrisas and Minister of Foreign Trade and Investment Rodrigo Malmierca in addition to hundreds of Spanish business executives attending the trade event.

These agreements will facilitate Spanish investment in Cuba and stimulate business in important activities for both economies, said Jose Manuel Soria, Spanish Minister for Industry, Energy and Tourism.

On an official visit to Cuba with Spanish Economy and Competitiveness Minister Luis de Guindos, Soria highlighted the efforts on both sides in recent years to establish mechanisms that will allow strengthening bilateral relations.

Guindos announced the signing of an important agreement which will restructure Cuba´s debt in the near future with Spain aimed at improving ties creating an adequate financial framework.

On the issue, he highlighted Spain's efforts as one of Cuba´s main creditors in the Club of Paris to restructure the debt and conditions for the negotiations.

In addition, he recalled that new bank instruments were approved last July aimed at stimulating the Spanish investment influx on the island, among them an open line by the Spanish Development Financing Company (Cofides) for public financing of projects in the country for an initial value of 40 million Euros.

In statements to the Cuban News Agency, Soria assured that in addition to the positive impact of the new agreements in the industry and energy sectors they are currently negotiating a memorandum of understanding n tourism aimed at expanding the already notable presence of Spanish business executives in the field.

The broad and diverse presence of Spanish business executives in the trade fair represents 25 percent of the total number of exhibitors at FIHAV 2015 as a demonstration of this European nation's interest in the Cuban market.

Spain is currently the third trading partner and main investor in Cuba in addition to having 200 companied based in the Caribbean nation.

Spanish tourism is placed 10th on the list of vacationers to the island which welcomed over 70 thousand in 2014 for a five percent growth compared to 2013. / ACN.

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