UAE And Cuba Hold First Session Of Their Joint Economic Committee To Enhance Cooperation In Trade, Investment, Infrastructure, Creative Industries, Agriculture, And Food Security

(MENAFN- Mid-East Info) 5.6 per cent growth in non-oil foreign trade was recorded between two countries during first quarter of 2025

UAE-Cuba relations continue to advance across multiple sectors. The Committee marks a key step in deepening economic cooperation and enhancing connectivity between the two nations' business communities

• Both sides agreed to promote and facilitate increased trade flows, while actively exploring joint investment opportunities in biotechnology, healthcare, renewable energy, tourism, and agriculture
• The session underscored the importance of building new partnerships in the entrepreneurship and start-up ecosystem, with the goal of accelerating SME growth in both countries and enabling their expansion into global markets
• A shared commitment was expressed from both sides to strengthen collaboration in food security and agriculture, while supporting efforts for sustainable farming, food processing, and the adoption of advanced agri-tech solutions

Abu Dhabi, July 2025 – The UAE Ministry of Economy and Tourism and the Ministry of Foreign Trade and Foreign Investment of the Republic of Cuba convened the first session of the Joint Economic Committee in Dubai. The meeting aimed to deepen bilateral economic cooperation across a wide range of sectors of mutual interest, including trade, investment, energy, renewable energy, agriculture, food security, infrastructure, transport, logistics, creative and cultural industries, healthcare, tourism, biotechnology, and pharmaceuticals. The session also underscored the importance of fostering robust public-private sector trade partnerships to drive sustainable growth for both nations.

The Committee was co-chaired by H.E. Abdullah Ahmed Al Saleh, Undersecretary of the Ministry of Economy and Tourism, and H.E. Carlos Luis Jorge Méndez, First Deputy Minister of Foreign Trade and Investment of Cuba. The Committee is a key outcome of the trade, economic, and technical cooperation agreement signed between the two countries. The session was attended by H.E. Hazza Ahmed Al Kaabi, UAE Ambassador to Cuba; H.E. Norberto Escalona Carrillo, Cuban Ambassador to the UAE; along with senior government representatives from both nations.

H.E. Abdullah Al Saleh highlighted that UAE-Cuban bilateral relations continue to progress steadily, particularly in the economic and commercial domains, in line with the leadership's forward-looking vision to promote mutual prosperity, growth and long-term strategic partnership.

H.E. Abdullah Al Saleh, said:“The convening of the first session of the Joint Economic Committee between the two nations marks a pivotal step in advancing economic and investment relations between the UAE and Cuba. It paves the way for broader cooperation across priority sectors, deeper engagement between the two countries' business communities, and unlocking promising opportunities in both markets, all supporting the UAE's strategic goals under the 'We the UAE 2031' vision.”

During the meeting, both sides agreed to establish a joint working framework to oversee the implementation of committee outcomes that guide future cooperation between the two nations in the coming period, propelling it towards further growth and prosperity. They also committed to organising joint business forums and economic events, facilitating trade delegation exchanges, and identifying new avenues to expand bilateral commercial relation.

Promoting investment opportunities in both markets:

The UAE and Cuba reaffirmed their shared commitment to increasing trade flows and investment exchanges between Emirati and Cuban business communities. This also includes exploring opportunities in advanced economic sectors biotechnology, healthcare services, renewable energy, tourism, agriculture, and manufacturing. Both parties proposed hosting joint meetings, seminars, and workshops involving investors, investment promotion agencies, and investment firms to facilitate investment in priority sectors and leverage the incentives offered by both countries.

Entrepreneurship and Start-ups:

Both nations emphasised the importance of advancing economic cooperation through the development of partnerships in the entrepreneurship and start-up ecosystem. This aims to accelerate the growth of small and medium-sized enterprises (SMEs), increase their investments, support their international expansion, and increase their contribution to national GDPs.

Food Security and Agriculture:

Food security and agricultural cooperation were identified as key priorities. The two sides agreed to enhance trade in food commodities and agricultural products, and collaborate on sustainable farming practices, food processing, and agricultural technology in the coming period.

Tourism:
The UAE and Cuba underscored the potential of tourism as a pillar of bilateral relations. They highlighted organising joint tourism exhibitions, events, and conferences in the coming period to showcase the two countries' major tourist attractions and historical landmarks. The cooperation will also involve sharing expertise on tourism development, compilation of tourism statistics, and digital innovations and technologies to enhance sector competitiveness.

UAE-Cuba Trade and Investment Exchanges:

Non-oil trade between the UAE and Cuba continues to gain momentum, surpassing USD 39.1 million in 2024, indicating an increase of over 2 per cent from 2023 and 46.4 per cent growth compared to 2022. In Q1 2025 alone, bilateral non-oil trade grew by 5.6 per cent compared to Q1 2024 and over 25 per cent from Q4 2024. Currently, more than 825 Cuban brands are actively operating within UAE markets.

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