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Russian-Cuban economic relations are moving to a new level — expert

November 03, 2015, 8:38 UTC+3 HAVANA
The director general of the Export Insurance Agency of Russia (EXIAR) says Russian exports to Cuba have grown 60% from January through August 2015
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© AP Photo/Desmond Boylan

HAVANA, November 3. /TASS/. Russian-Cuban economic relations are moving to a new level, Alexey Tyupanov, the director general of the Export Insurance Agency of Russia (EXIAR) told TASS on Monday.

He is taking part in the opening of the ‘Russian-Cuban Business Forum’ business mission.

"Russian and Cuban businessmen have fairly enthusiastic moods," Tyupanov said, adding that Russian exports to Cuba had grown 60% from January through August 2015.

"That’s a nice figure if you consider the small enough size of Cuban economy," he said.

"Russia’s total exports in the above period totaled $ 190 million — a figure that’s big enough for Cuban economy," Tyupanov said. "After we established a channel for financing the Russian supplies to Cuba, the companies come to the business mission to get real contracts."

This year, agreements with three Cuban banks — Banco Exterior de Cuba, Banco National de Cuba and Banco International de Comercio — were signed at a session of the Russian-Cuban intergovernmental commission in Kazan. They envision the opening of credit line to the tune of 100 million euro.

The opening of the Russian-Cuban Business Forum mission took place on the sidelines of the 33rd international multi-industry exhibition and fair FIHAV 2015 that opened here on Monday. Taking part in it are more than 900 companies from over seventy countries, including Russia.

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