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