Venezuela and Cuba signed 16 new cooperation agreements in a move that further boosts the Bolivarian Alternative for the Americas (ALBA), a regional economic and social integration initiative launched
by the two countries.
Venezuelan President Hugo Chavez and Cuban Vice President Carlos Lage attended the signing ceremony held
in Caracas. The accords are far reaching in the fields of transport, finances, agriculture, mining, industry, tourism and electricity, according to reports.
The agreements also include the possibility of setting up two joint ventures in transportation, particularly shipbuilding and port modernization.
The production of stainless steel and ferrous nickel was part of an agreement in the field of mining, while in communications an underwater cable link between the two countries including a satellite system and networks is envisioned.
Source: Cuban News Agency