Tuesday, January 30, 2007

Foreign trade

Much has been written over the past couple of years about the growing economic ties between Cuba and China.

But not all is going according to plan.

There is a report from Reuters today revealing that those clever capitalists in Beijing have quietly pulled out of a much-anticipated $500 million nickel project on the island - for reasons that remain a mystery.

The joint venture was announced with much fanfare back in 2004 during a visit to Cuba by Chinese president Hu Jintao, who said the project would eventually produce 68,000 tonnes a year of ferro-nickel.

But Reuters quotes the Cuban minister responsible for foreign investment, Marta Lomas, as revealing that the Chinese have decided not to go ahead with the joint venture after all.

“The Chinese are not continuing,” the minister confirmed. “We are re-doing the project with Venezuela.”

Obviously the business savvy Chinese know something the Venezuelans don't.


Blogger Tomás Estrada-Palma said...

The Chinese have been coming to my blog everyday where I tell them that all investments in Cuba with Raul will be seized for slave reparations. Maybe they heeded the warning. The other slave masters like Manny Novoa and Thomas Cook should take a lesson from the Chinese.

2:47 pm  

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