Cuba eyes Iran trade to fight US sanctions

Cuba says US sanctions on the Latin American country and Iran have opened a common ground for the two countries to forge special trade ties. 

On Monday, Iran’s Foreign Minister Mohammad Javad Zarif was in Havana where he met Cuban leaders, including President Raul Castro in what they described a new chapter in bilateral ties.

Cuban Minister of Foreign Trade and Foreign Investment Malmierca Diaz described Iran an “important partner” with a capacity to help his country enter Asian markets.

Diaz said despite President Barack Obama’s historic three-day visit to the island in March, the US maintains its sanctions on Cuba and his country has no choice but to implement short-term projects to achieve development.

“Both Cuba and Iran have reached a roadmap after years of sanctions which they should use to explore new economic opportunities and take advantage of each other’s capabilities,” he said.

A large economic delegation is accompanying Zarif on his six-day Latin America tour which also includes trips to Chile, Nicaragua, Bolivia and Venezuela aimed at boosting trade after the removal in January of US-led sanctions against Iran.

The first Iran-Cuba economic forum opened in Havana on Monday, with Diaz telling Iranian companies that they could become the engine of economic growth and dynamism in his country.

Iran and Cuba have long been close friends. Last week, Cuban Economy Minister Ricardo Cabrisas visited Tehran and met top Iranian officials, including President Hassan Rouhani.

"We have always been on the side of the great Cuban people in view of atrocities and unjust sanctions," Zarif said in a meeting with his Cuban counterpart Bruno Rodriguez on Monday.

"The government and Cuban people have also always shown us solidarity with regards to the atrocities committed by the (American) empire," Zarif said.

Among the Latin American countries, Iran has developed more advanced ties with Venezuela. In June, Venezuelan President Nicolas Maduro said the Islamic Republic had agreed to a $500 million credit line for his country to finance joint investments there.

Iran is involved in a series of joint ventures worth several billion dollars in energy, agriculture, housing, and infrastructure sectors in Venezuela.

The Islamic Republic's main industrial projects in Venezuela include a car assembly plant, a tractor manufacturing complex and a cement factory.  

Iran has also built more than 3,000 residential housing units for less privileged citizens in Venezuela, with 7,000 more to be completed.

In his meeting with Iranian Minister of Industry, Mine and Trade Mohammad Reza Nematzadeh in Caracas in June, Maduro hailed bilateral relations as “an example of alliance between two brother nations.” 

Both countries are hugely rich in resources. Venezuela possesses the world's biggest oil deposit while Iran owns the fourth largest oil and first largest gas reserves of the world.

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