ST. PETERSBURG (Sputnik) – Cuba is ready to advance its cooperation with Russian businesses on a mutually beneficial basis, Cuban Minister of Foreign Trade and Investment Oscar Perez-Oliva Fraga told Sputnik on the sidelines of the St. Petersburg International Economic Forum (SPIEF).

«All conditions are in place to advance joint entrepreneurship on a mutually beneficial basis,» the minister said.

The minister also assured that the country will provide Russian investors with guarantees and security in the implementation of joint projects.

«We assure Russian entrepreneurs that Cuba provides guarantees enabling foreign investments to operate under normal conditions. They can be confident profits will be returned to Russia and used at their discretion,» Perez-Oliva Fraga said.

The minister also reaffirmed Havana’s commitment to repay debts to several Russian companies, adding that this requires strengthening of the Cuban economy and securing resources.

The Russian city of St. Petersburg is hosting the 28th edition of SPIEF from June 18-21 under the theme of «Shared Values: The Foundation of Growth in a Multipolar World.» The Rossiya Segodnya international media group, Sputnik’s parent company, is the forum’s information partner.