TEHRAN – Iranian Finance and Economic Affairs Minister Ehsan Khandouzi held a meeting with Cuba’s Deputy Prime Minister Ricardo Cabrisas Ruiz in Tehran on Tuesday, during which the officials stressed the expansion of economic ties between the two countries.

Speaking in this meeting, Khandouzi noted that the Iranian government has always welcomed the establishment of long-term and stable economic relations with Latin American countries, especially Cuba, the Economy Ministry’s news portal Shada reported.

“Given the excellent political relations between the two countries, Cuba is of particular importance to the Islamic Republic of Iran,” he added.

Referring to the history of cooperation between the two countries in the fields of health and agriculture, Khandouzi emphasized the need to improve economic relations between the two countries and said: “We are expected to take more serious steps to develop cooperation and implement agreements.”

The minister further pointed to the lack of proper knowledge regarding business and economic opportunities and advantages of trade and investment between the two countries as the most important reason for the weak trade collaborations between Iran and Cuban private sectors.

He then announced Iran’s readiness to hold online meetings with the presence of representatives of the government and private sectors of Iran and Cuba in order to exchange knowledge about the business and investment opportunities of the two countries.

The official also pointed to the lack of appropriate legal frameworks to support the activities of the Iranian private sector in Cuba and stressed the need to finalize agreements to encourage and support mutual investment and avoid double taxation between the two countries.

Cabrisas Ruiz for his part, explained his country's economic development plans and priorities for economic development, and enumerated some of the negative factors affecting the Cuban economy, such as the economic sanctions, the negative effects of Covid-19 pandemic, climate change and the Ukraine war.

The official further announced his country’s readiness to use the experiences and capabilities of Iranian companies in the implementation of important economic projects in Cuba.

He also pointed to the high capacity of Iranian companies in various sectors including agriculture, energy and health and emphasized the need to increase long-term economic cooperation between the two countries.

As the special envoy of the Cuban president, Cabrisas Ruiz headed a high-ranking delegation to Iran with the aim of meeting with the officials of the Islamic Republic and to attend the 18th meeting of the two countries’ Joint Economic Committee.

EF/MA

Photo: Finance and Economic Affairs Minister Ehsan Khandouzi (R) and Cuban Deputy Prime Minister Ricardo Cabrisas Ruiz meet in Tehran on Tuesday.