I believe that Bulgaria and Cuba have a number of ways of mutually beneficial cooperation in many areas, in line with Bulgaria's membership of the European Union and the membership of Cuba in the Latin American Integration Association, Emil Karanikov, Minister of Economy, said at a meeting with Pedro Pablo San Jorge, Ambassador of Cuba in Bulgaria, informed the ministry press office cited by BTA.

He added he hopes that good bilateral relations will identify and implement concrete initiatives to increase mutual trade, investment and the implementation of joint projects in areas of common interest. During the meeting it was also discussed the possibility for the Cuban country to buy ships and other vessels from Bulgarian producers, as well as the options for Bulgarian dairy and canning companies to enter the Cuban market.

The Cuban country is actively exploring ways to boost economic and foreign trade co-operation with Bulgaria, said Pedro Pablo San Jorge. "I hope we can make progress in trade between the two countries, which is my goal," he said. In the first five months of 2017, customs statistics show that bilateral trade between Bulgaria and Cuba increased by 20.47 per cent compared to the same period last year, amounting to USD 1.53 million. In 2016, the Cuban state's export value amounted to almost USD 3.43 billion. The major export commodities of the country are oil, nickel, medical products, sugar, tobacco, fish, citrus and coffee. Cuba imports mainly petroleum, food products, machinery and equipment, chemical industry products. In 2016, the country's imports amounted to USD 12.34 billion.