APRIL 9, 1999
HAVANA, April 8 (Reuters) - Britain's Trade Minister Brian Wilson arrived in Cuba on Thursday to inaugurate a new British Airways flight service to the communist-ruled island and promote bilateral trade and investment opportunities.
"I have no doubt that Cuba is a very good market for the future," Wilson told reporters. He was accompanied by a high- level business delegation that included representatives of several banks, commodity trade houses and finance companies.
"I firmly believe that trade and investment are part of the process of bringing Cuba closer to Europe ... That is the way to influence and create more liberal societies," he added.
On Saturday, after talks with senior Cuban ministers, Wilson was scheduled to formally welcome the inaugural flight of a weekly British Airways <BAY.L> service from London to Havana.
"I think this is an excellent step forward. It is not only good for tourists but it makes it a lot easier for business people as well," he said.
Wilson was making his second official visit to Havana in less than six months.
He has spearheaded efforts to increase British trade and investment relations with Cuba, which have lagged behind those of other European Union nations like Spain, France and Italy.
During his stay in Havana, Britain's Caribbean Trade Advisory Group (CARITAG) was due to sign a cooperation agreement with Cuba's Foreign Investment Ministry to help promote bilateral trade and investment.
Wilson said his talks with Cuban officials, including Central Bank President Francisco Soberon, would include ongoing discussions on how to resolve Cuba's short-term debt arrears with Britain's government-funded Export Credits Guarantee Department (ECGD). "We have made a lot of progress," he said.
A senior ECGD representative was part of the delegation.
The British export credit agency, which has not provided cover for Cuba for well over a decade, is now considering resuming its support for exports to the Caribbean island.
Diplomats said resumption of ECGD cover was likely to be tied to an agreement on repayment of short-term debt owed by Cuba to the British agency.
This short-term debt represents some 17 million sterling ($28 million) of Cuba's total outstanding debt arrears to the ECGD, which are estimated at 120 million sterling ($196 million).
British exports to Cuba in 1998 totaled 34 million sterling ($55 million), an increase of 73 percent over 1997.
20:18 04-08-99
Copyright 1999 Reuters Limited
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