Antonio Carricarte, president of the Chamber of Commerce of the Republic of Cuba, speaks about business and investment opportunities in Cuba during a business forum in Seoul on Thursday. (Sanjay Kumar/The Korea Herald) Cuba remains a country of opportunities for Korean investment and trade, the country's top envoy stressed saying that decades of US sanctions have not erased the island nation’s economic potential.Speaking at the Cuba Business Forum, Cuban Ambassador to South Korea Claudio Monzon acknowledged the economic challenges facing the country but said Cuba remains open for business.“Cuba is facing increasing economic and political pressure, but that does not mean Cuba lacks opportunities,” Monzon said.“Cuba remains a land of opportunity and potential,” stressing that foreign investors can still find opportunities across a range of sectors.Representing KOTRA's Havana Trade Office, trade officer Lee Myung-joon said economic cooperation between South Korea and Cuba has entered a new phase since diplomatic ties were established in 2024, calling the forum “a significant step” toward a stronger bilateral partnership.Asked by The Korea Herald how Korean companies should navigate sanction risks, Lee said Cuba's six decades of sanctions mean a different business approach is needed.“Companies cannot approach the market in the same way they would elsewhere,” he said, urging firms to review opportunities “on a case-by-case basis” through thorough due diligence, legal safeguards and alternative payment mechanisms outside the US financial system.While highlighting opportunities in sectors such as solar energy, biotechnology and organic agriculture, Lee warned of risks stemming from tighter US sanctions.“Korean firms with assets or financial ties in the United States should exercise a high degree of caution,” he said.He also recommended a gradual, risk-managed entry into Cuba's growing private sector.The event was also attended by Antonio Carricarte, president of the Chamber of Commerce of the Republic of Cuba, who is visiting South Korea with a Cuban business delegation.Carricarte highlighted opportunities in renewable energy, biotechnology, pharmaceuticals, organic agriculture, tourism, healthcare, consumer goods and logistics.“South Korea is a country we hope to add to our network of economic partners,” Carricarte said.He said Cuba is interested in learning from South Korea's industrial development model, particularly its success in transforming small and medium-sized enterprises into globally competitive companies.Carricarte also pointed to potential cooperation in agriculture, pharmaceuticals, biotechnology, recycling, animal feed production, pig farming and grain cultivation.According to Cuban officials, the country's major imports include food products, machinery, transport equipment, chemicals, oils and lubricants, offering potential opportunities for Korean exporters and investors.