EFE (via 14ymedio), Seoul, 18 February 2024 — The restoration of diplomatic relations between South Korea and Cuba after 65 years can have a positive impact on the national economy, the South Korean Presidential Office said on Sunday, highlighting the richness of the island’s natural resources.
“Cuba has considerable mineral resources that are key for the production of electric vehicles (EV), such as cobalt and nickel,” the government institution stated, detailing the expected impact of the diplomatic rapprochement on different sectors of the economy.
South Korean companies can take advantage of Cuba’s vast reserves of natural resources when the United States lifts the economic and commercial embargo imposed on the country, which has the fifth largest reserve of nickel and the fourth largest reserve of cobalt in the world, according to details of the text published by the Yonhap news agency.
South Korea is the birthplace of three of the five largest manufacturers of electric vehicle batteries in the world.
The South Korean presidential office stated that it will help national companies interested in entering the Cuban market
The South Korean preside