• Submitted by: Camila
• Politics and Government
• 02 / 12 / 2015

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South Korea expressed its willingness to improve bilateral relations with Cuba, said Foreign Minister Yun Byung-se and said it was the first time that his country will give real steps to establish such relations and increase its diplomatic presence in Central and South America.

"This year we will undertake measures aimed at improving relations with Cuba. We are interested in intensifying relations with Latin American countries to increase the welfare of the people of our country and peoples of Central and South America," said South Korean Foreign Minister.

These statements are given after US and Cuba announced last December 17, 2014 the resumption of the talks for the normalization of diplomatic relations.

The Ministry of Foreign Affairs of South Korea, expressed the hope that this decision will also help improve relations between Seoul and Havana.

On Tuesday, the state insurance company China trade K-sure, said it signed a memorandum of understanding with Cuba to also facilitate bilateral trade between the two nations.

The South Korean company disclosed that provide the Central Bank of Cuba (BCC) and the Banco Exterior de Cuba (BEC) a credit line worth 60 million euros (67.9 million), setting a second agreement for insurance payment.

Previously any South Korean company wishing to trade with Cuba, but had a letter of credit should endorse it by the bank in a third country, delaying the process and now with the new agreement guarantees payments to companies in South Korea for the goods exported to Cuba through a letter of credit issued by the BEC.

Source: CubaDebate