The pitch came at the “Cuba Business Opportunities” seminar held in central Seoul, co-hosted by the Cuban Embassy in Korea, the Korea Cooperation League of Latin America and the Caribbean, the Korea-Cuba Cultural Friendship Association and KOTRA.
Antonio Carricarte Corona, president of the Cuban Chamber of Commerce, attended the forum along with Cuban officials from the country’s scientific research, food and agroforestry sectors.
Opening the forum, Cuban Ambassador to Korea Claudio Monzón Baeza acknowledged that Cuba is facing growing pressure from U.S. sanctions, but said the country should still be seen as a market with business potential.
“The political and economic pressure on Cuba is growing as the United States continues to impose new economic sanctions,” the ambassador said. “But this does not mean Cuba has no opportunities. Cuba remains a land of opportunity and possibility.”
Washington has intensified pressure on Cuba this year through sanctions on President Miguel Díaz-Canel, members of the Castro family and state entities, alongside measures aimed at choking off the island's oil supplies. The campaign has contributed to chronic power outages and worsening shortages, prompting a warning from the United Nations that U.S. sanctions are causing widespread harm to Cuba's civilian population.
He said Carricarte’s visit and the business forum could serve as a meaningful step in showing Korean companies what Cuba can offer and in expanding bilateral trade and economic cooperation after the establishment of diplomatic relations between the two countries.
KOTRA’s Havana office also presented a cautious but open assessment of the Cuban market. Lee Myung-joon, head of KOTRA’s office in Havana, said Cuba has been moving to attract foreign companies through institutional changes.
“Cuba has opportunities, and it is actively working to attract foreign companies through recent institutional reforms,” Lee said. “If Cuba’s accumulated know-how in areas such as biotechnology and organic farming is combined with Korean companies’ technological competitiveness, there is room for significant synergy.”
But Lim also warned that companies should not approach Cuba as a normal emerging market, especially after Washington tightened sanctions this year.
“It is also KOTRA’s responsibility to clearly tell companies that there are major external variables in Cuba’s investment environment,” he said, noting that secondary sanctions have made some foreign companies hesitate over transactions or investment related to Cuba. “This does not mean giving up on the Cuban market, but it means companies must clearly recognize the risks and proceed at a manageable level.”
The seminar took place as Korea and Cuba are still in the early stages of building economic ties after formally establishing diplomatic relations in 2024. Cuba had long been one of the few countries in Latin America and the Caribbean without formal ties with Seoul.
Carricarte, in a presentation and later during a question-and-answer session, identified several sectors where Korean companies could find opportunities, including food, agriculture, coffee, seafood, organic products, mining, chemicals, tourism, biotechnology and renewable energy.
He said Cuba’s private sector has grown rapidly since the country allowed the establishment of private businesses about five years ago, with more than 10,000 new businesses created in major sectors such as construction and food. Private companies now handle more than half of domestic product distribution and account for more than $2 billion in imports, according to his presentation.
“If the wind turbine technology you mentioned can be applied to Cuba, it could play a very important role,” he said, adding that Cuba’s renewable energy market is currently focused heavily on solar power but could also benefit from wind energy.
Still, the most pointed part of the forum came when Korean participants asked how companies should handle the risks of doing business with Cuba under U.S. sanctions.
A KOTRA official said companies must treat Cuba as a special case because the country has faced sanctions for decades.
“Cuba is not a market where companies can simply apply the standards they use for ordinary trade with other countries,” the official said. “Finance and logistics are the areas that require particular caution.”
The official said remittances can be difficult, foreign currency shortages can delay payments, fuel problems can affect logistics and some shipping companies have recently suspended or reduced operations related to Cuba due to concerns over U.S. secondary sanctions.
“Unexpected difficulties can continue to arise,” the official said. “The best approach is to examine each case individually, receive legal advice and check the transaction structure carefully before proceeding.”
For Cuba, the message was that the door is open. For Korean companies, entering the Cuban market will require not just interest, but patience, legal review and careful risk management.
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