Cuba in the dark after taking measures to open its economy... “Spouse for the Korean economy” enthusiasm rises

South Korea is one of the few countries in the world that has achieved both democratization and economic growth in a short period of time. Countries that suddenly pursue reform and opening often pursue high-speed development following the compressed growth path that Korea took. For these countries, Korea is a ‘role model’.

The situation is similar in Cuba, which declared large-scale reform and opening last June amid long-standing economic sanctions from the United States. Cubans have recently been eager to learn not only 'K Culture' but also 'K Economy', which embodies the true meaning of compressed growth.

On the 13th (local time), the Korean Embassy in Cuba invited Professor Emeritus Kim Won-ho of Hankuk University of Foreign Studies to give a special lecture on the topic of 'Korea's economic development and its implications for Cuban economic development.' As the atmosphere of 'let's learn about Korea' prevailed, the embassy invited Professor Kim, an expert on the Latin American region and Korean economy, to prepare this event.

Last June, Cuba announced an emergency economic package containing 176 pro-market reform agendas. These included expanding opportunities for private enterprise, abolishing price caps, reforming and strengthening the autonomy of state-owned enterprises, taking measures to attract additional foreign investment, and modernizing the financial system.

The U.S. government dismissed the pro-market reform plan as nothing more than a "superficial smokescreen," but Ambassador Lee Ho-yeol of Cuba said that little progress was being felt despite the difficult situation. It was said that the number of stores run by civilians has increased, and many Chinese electric vehicles have arrived.

In fact, according to reports by Spanish-speaking media outlets such as Infobae, Chinese stores and high-end stores are springing up in the Playa and Miramar areas of Havana, the capital, where high-ranking Cuban government officials and the privileged class who can use foreign currency gather, following pro-market measures. Electric vehicle stores, such as Dongfeng Motors, are also opening one after another.

Ambassador Lee said, “We are watching this phenomenon with interest,” and added, “There is a lot of interest in Korea (which has experienced compressed growth), so we are sharing our experiences with government officials.”

The lecture held that day in Havana, the capital of Cuba, was an extension of that.

Professor Kim, who served as a lecturer, passed on his know-how on ▲ experiences and policies in the early stages of economic development ▲ policies promoted by the Republic of Korea to promote exports ▲ foreign debt management measures ▲ policies and policies consistently maintained by Korea while promoting economic development.

The Embassy in Cuba plans to continue holding various events to promote Korea, such as special economic lectures.