South Korea-Cuba Diplomatic Relations: Presidential Office Highlights Economic, Cultural, and Consular Benefits

The Presidential Office anticipates that establishing diplomatic relations with Cuba will lay the groundwork for economic cooperation, including the expansion of trade, entry of South Korean companies, and securing a supply chain for minerals such as nickel.

In particular, it is expected that the opening of an embassy will significantly help ensure the safety of South Korean consuls and tourists.

On the 18th, the Presidential Office presented through a press release the anticipated effects in the fields of economy, culture, sports, and consular affairs resulting from establishing diplomatic relations between the two countries.

According to the data, Cuba is a central country in the Caribbean region. Still, direct trade between South Korea and Cuba is limited due to the absence of diplomatic relations and the current U.S. sanctions against Cuba. Trade through third countries is barely being realized, with exports amounting to only $14 million (as of 2022) and imports to $7 million in South Korea.

However, the government believes that if a resident embassy is established in the future, it will create a foundation for expanding economic cooperation through increasing government-level contacts, including trade expansion and the entry of Korean companies. However, due to the U.S. sanctions against Cuba, providing trade insurance when exporting is difficult, so risk management is needed in the trade process.

In particular, Cuba is a major repository of nickel (5th in the world in reserves) and cobalt (4th), essential for the production of secondary batteries, so the government is pinning hopes on the possibility of cooperation in mineral supply networks. Also, the Cuban government is staking its life on overcoming the chronic strategic crisis, so opportunities for South Korean companies with strengths in the energy sector, such as power generators and plants, are open in the future.

If full-scale development cooperation assistance, such as providing ODA (Official Development Assistance) centered on the underdeveloped infrastructure sector, is carried out, the possibility of expanding the entry of South Korean companies in connection with this will increase even more. The Presidential Office is looking forward to the active exchange in the fields of culture and sports as the Korean Wave spreads in Cuba and diplomatic relations between the two countries are established.

In addition, Cuba is a powerhouse in ball sports such as baseball and volleyball, so the South Korean government plans to expand sports exchanges, including friendly matches between the two countries, in the future.

The Presidential Office expects that the safety of South Korean consuls and tourists will be enhanced as systematic consular support becomes possible with the establishment of diplomatic relations between the two countries. There are also plans for veteran diplomacy targeting Korean descendants.

With the establishment of diplomatic relations and the opening of an embassy, 24-hour consular support will be provided to South Korean citizens, and even if a passport is lost, an emergency passport can be issued on the same day.

The Presidential Office explained, “Even before the embassy’s opening, a system for protecting overseas Koreans can be operated through official cooperation between the security and consular authorities of the two countries.”