MercoPress. South Atlantic News Agency

China wraps Latinamerican tour in Cuba

Chinese president Hu Jintao arrived this Monday in Cuba, the last stop of his visit to Latinamerica, and as happened in Brazil, Argentina and Chile, his host Fidel Castro expects to sign important bilateral trade and investment agreements.

Mr. Hu Jintao was greeted with full honours by the Communist regime's number two, Raul Castro who happens to be Fidel's brother and Minister of Defence, as well as by Vice president Carlos Lage, Foreign Affairs Minister Felipe Perez Roque and other senior officials.

From the airport the Chinese president was driven directly to the State Council to meet with Fidel Castro who is recovering from a fissured arm and a knee surgery.

This Monday in coincidence with Mr. Hu Jintao's visit the first Cuba-China Investment and Trade Forum opened with the participation of 400 businessmen from both countries exploring new business ventures.

Cuban Foreign Trade Minister Raul de la Nuez described China as one of the island's main trading partners and "one which we hope will continue to climb the pyramid of Cuba's partners, possibly moving into the first or second place".

Bilateral trade in the ten first months of 2004 reached 600 million US dollars, equivalent to 10% of the island's total exchange. The two nations are also involved in twelve joint projects in sectors such as agriculture, telecommunications, biotechnology and tourism.

As happened in the rest of the continent China will be targeting agreements on long term supply of commodities and in many cases providing the necessary infrastructure funding. Another area is opening Cuba as a reliable destination for Chinese tourism.

Cuba on the other hand has ample proven reserves of nickel, possible abundant deposits of offshore oil which need to be developed and tourism is the country's most dynamic industry.

However in exchange Beijing is expected to request diplomatic support and acceptance of the "market economy" clause as happened in Brazil and Argentina which is a tool against pre emptive trade retaliation for alleged dumping