HAVANA, June 20 (Xinhua) -- Cuba will host a business forum to boost foreign investment inflows especially from the European Union (EU), Minister of Foreign Trade and Foreign Investment Rodrigo Malmierca said on the social platform Twitter on Thursday.

EU's Commissioner for International Cooperation and Development, Neven Mimica, is set to attend the event to be held Friday. The forum is organized by Cuba's Chamber of Commerce and co-sponsored by the United Nations Economic Commission for Latin America and the Caribbean and the European Commission.

Cuba-EU cooperation has prioritized sectors such as renewable energy and food security. Currently the EU is Cuba's leading trade partner and largest investor, with Spain accounting for half of the business transactions.

Last year the EU's trade with Cuba surpassed 2.6 billion euros (2.9 billion U.S. dollars).

Cuba is seeking to expand economic ties with Europe amid escalating sanctions by the United States. Earlier this week, a two-day business forum with British entrepreneurs was held as part of the Caribbean island nation's efforts to drum up investment.