Russia is poised to transfer its advanced technologies to Latin American countries as a means of boosting trade ties with the region, Russian Deputy Prime Minister Yuri Borisov said.

Borisov participated last weekend in the Russia-Latin America business forum, which took place in Havana.

“Russia is poised to offer advanced solutions, innovative technologies in such areas as energy, including nuclear power, heavy machinery, aircraft and helicopter production, biopharmaceuticals and telecommunications,” Borisov said while speaking during the forum.

For him, the implementation of joint projects in the mentioned areas “could contribute to an effective resolution of the questions that are posed in the countries of Latin America.”

The deputy premier stressed that the countries of the region are important economic partners of Russia.

“We are convinced that efficient cooperation between Russian and Latin American companies is the key to growing trade and developing relations in the area of ​​investment,” Borisov said.

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The task of governments, he believes, is “to create the right conditions to carry out joint projects and support initiatives of the business community.”

Borisov told the Russia-Latin America business forum that trade and economic cooperation with Cuba is of special importance. “Major investments go to the biggest infrastructure projects. It is not about a striving to receive immediate profits, it is about partner projects for years and decades. They will determine Cuba’s economy in the decades to come,” he noted.

He then went onto highlight the rich economic ties between Latin America and Russia.

“Latin America is of particular importance for us in the economic sphere. The Russian-Latin American trade turnover that reached $14.5 bln as of 2017 year-end and obviously has considerable potential for growth,” Borisov said.

“Besides, our trade and economic relations are still exposed to the impact of adverse external factor of the international markets situation. Diversification of the trade turnover range, search for new spheres and forms of cooperation and transition to long-term models of interaction are in common interests. We need to maximize use of competitive advantages of our economies and their complementarity,” Borisov said.

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