Latest News | Cuba Seeks Improved Bilateral Economic Ties with India

Kolkata, May 27 (PTI) Cuba seeks improved bilateral economic ties with India to increase the two-way trade volume, Alejandro Simancas Marin, the Caribbean country's ambassador to India, said on Friday.

Marin, speaking at an interactive session organised by ICC here, said that there is a huge bilateral trade potential, which should be exploited by both the countries.

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The envoy said that the pharmaceutical industry is an important sector in Cuba, and India could well explore the segment for its benefit.

He stressed that there are plans to increase renewable energy generation "for which India's help is needed".

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Marin said information technology is an area where Cuba wants to increase its foothold, adding that his country's tourism sector also offers enormous potential for Indian companies to explore.

The envoy said Cuban companies is looking to set up JVs with Indian firms and emphasised upon the need for a permanent transfer mechanism between banks of the two countries.

President of ICC, Pradeep Sureka, said India had extended six lines of credit (LOC) amounting to USD 248 million to Cuba in power, wind energy and fertilizers.

Recently, India had also extended USD 100 million to meet food grain shortages in that country, he noted.

In 2021, the volume of bilateral trade was USD 21 million, he added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)