Korea plans to invest in renewable energy in Cuba
- Submitted by: Camila
- Business and Economy
- 11 / 11 / 2014
Young Ho Oh, President and CEO of Kotra, the Trade Promotion Agency and the Korean Investment advises companies of Seoul invest increasingly in Cuba. Renewable energy is one of the most attractive sectors for possible investment.
"There are Korean companies that want to invest in Cuba in the future," said Yong Ho Oh, and stated that the entire negotiation process is embryonic. "We are receiving government support in Cuba, but our countries have some differences of opinion, but what we are doing is bailing these differences, step by step, in order to have a cooperative relationship."
According to the director of Kotra, the Island "has a great future in photovoltaics" and Korea can provide the necessary to improve energy efficiency in electricity distribution technology.
The absence of diplomatic relations between the two nations is the main obstacle to business between Havana and Seoul. Korean entrepreneurs interested in Cuba depend on the consular services of the embassies of their country in Mexico or Canada.