(VOVworld) – French President Francois Hollande is visiting Cuba to enhance bilateral relations. While powerful nations are racing to gain more influence and economic share in Cuba after the US and Cuba began normalizing their relations, President Hollande also aims to improve economic ties with the Caribbean’s largest island nation. Thuy Van, VOV’s reporter in France, comments:

French President Francois Hollande (L) and Cuban President Raul Castro (R) met at the Revolution Palace in Havana Photo: AFP/getty

President Hollande arrived in Havana late Sunday, the first incumbent French President to visit Cuba in more than a century and the first EU leader to visit Cuba since the US and Cuba announced normalization some months ago. The visit is of great economic, political, and diplomatic significance.

French-Cuban relations

Cuba has been an important part of policies of left wing parties in France, including the Socialist Party of President Hollande. Since 1991 France has consistently voted against the US sanctions on Cuba at UN meetings. French businesses have surveyed the Cuban market to prepare for investment opportunities once US-Cuba relations change. French groups like Air France and Accor have begun to promote investment into Cuba.

Breaking the ice

Cuba expects a lot from Hollande’s visit, the first overt sign of restored relations between Cuba and the West. Cuban leader Fidel Castro visited France in 1995. Hollande’s visit will raise Cuba’s political and diplomatic status. Leaders of both countries will discuss reducing Cuba’s debt or deferring Cuba’s payments, including 15 billion USD owed to the Paris Club. Cuba hopes to sign economic contracts with French groups on tourism, health, and agriculture. Last year French exports to Cuba earned 157 million Euros.

France wants to take diplomatic lead in EU

France has always followed an independent diplomatic policy and maintained a powerful position in international relations. France wants to do so in relations with Cuba. Hollande’s visit has kick-started the EU’s decision to normalize relations with Cuba. The visit also conveys a message to the US and the emerging economies of China and Brazil that France will not be slow to invest in Cuba.

Diplomatic relations generate momentum for economic growth

Although its a Western nation with close ties to Cuba, France has to compete with Cuba’s other economic partners. Recently, Brazil contracted with Cuba to establish a joint-venture to operate the Mariel port, the main destination of goods imported to Cuba. France is eyeing investment opportunities in Cuba’s tourist infrastructure and agriculture, where France has big advantages. After years of friendly diplomatic relations, French President Hollande’s visit is expected to open a new chapter in France-Cuba and the EU-Cuba relations.