Chinese President Xi Jinping visits Cuban revolutionary leader Fidel Castro in Havana on Tuesday. Photo: Xinhua

Chinese President Xi Jinping and Cuban leader Raul Castro Tuesday pledged partnership and reciprocal cooperation as China eyes an increase in investment in the country.

"We will resolutely deepen our friendship and treat each other with all sincerity, carry out mutually beneficial cooperation and forge our partnership in reform and development," Xi said during talks with Castro, president of Cuba's Council of State and the Council of Ministers.

"China cherishes the traditional friendship between the two nations. No matter how the international situation changes, it will be a set policy of China to develop a long-term friendship with Cuba," Xi noted.

Cuba, the only Communist state in the Americas, began opening up its economy in 2008.

The opening up - which some analysts see as an effort to follow in China's footsteps - has created new opportunities to tighten bilateral ties, said Xi.

"Cuba is already fully promoting the updating of its economic model, which means new and important development opportunities for Chinese-Cuban ties," he said.

China is already the Caribbean island's second-largest trading partner after Venezuela and its primary source of credit, filling the gap left by the US embargo on Cuba and its long-time exclusion from institutions such as the World Bank.

Coinciding with Xi's trip, about 50 Chinese entrepreneurs traveled to Havana to explore business opportunities, attracted by foreign investment incentives and the future Mariel free trade zone outside the capital.

"We want Chinese businessmen to invest in Cuba and partner with Cuban companies," said Cuba's director general for foreign investment, Deborah Rivas.

Chinese and Cuban officials inaugurated a factory Tuesday that will use Chinese technology to make "biosensors" to monitor diabetics' blood sugar.

On Wednesday, Xi was scheduled to travel to Santiago de Cuba, the country's second-largest city, where he is expected to announce Chinese cooperation deals, perhaps in rebuilding housing destroyed by Hurricane Sandy in October 2012.

Xi kicked off his tour last week in Brazil by proposing a new $20-billion infrastructure fund for Latin America.

The trip, his second to Latin America since taking office last year, has also taken him to Brazil, for the sixth BRICS summit, and to Argentina and Venezuela. He offered Buenos Aires an $11-billion currency swap and signed a raft of oil and mineral deals with Caracas.

Chinese trade with Latin America reached $261.6 billion in 2013. China is now the second-largest trading partner of many countries, including Argentina and Cuba.

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