Russian Bilateral Trade With Cuba Expected to Double in 2016

Russian-Cuban bilateral trade is expected to at least double in 2016, the Export Insurance Agency of Russia (EXIAR) said Tuesday.

HAVANA (Sputnik) — EXIAR CEO Alexei Tyupanov said that in 2014, total Russian exports to Cuba alone amounted to 210 million euros, meaning that this figure could be at least two times higher in the period 2015-2016, using the growth seen in Russian projects in Cuba as a positive indicator.

"As of today, we have already realized, with our support, 65 projects on the territory of Cuba. For the time being, the total volume of the projects has amounted to 40 million euros [$44.1 million], but currently we are discussing 19 projects for the total sum of 210 million euros," Tyupanov said at the Havana International Fair FIHAV 2015.

FIHAV is the largest annual trade fair in Cuba, running this year from November 2-7. In 2015, some 4,500 companies from over 60 countries are taking part in the event, including EXIAR.

Russia and Cuba have had warm relationship since the Soviet era. Moscow and Havana are currently cooperating closely in the spheres of energy and civil aviation, as well as on redesigning Cuba’s power plants.