India and Cuba strengthen their economic ties

At the end of the second round of consultations of the Ministry of Foreign Affairs (FOC) in Havana, Cuba signed a line of credit agreement worth 100 million euros with Cuba for the purchase of rice from India. The two countries have also agreed to expand their economic relations.

The meeting took place in Havana on June 27, the Indian side was headed by Saurabh Kumar, Secretary (East) and the Cuban side by Ms. Anayansi Rodríguez Camejo, Vice Minister of Foreign Affairs. Likewise, the Secretary (East) Saurabh Kumar was received by the Deputy Prime Minister Ricardo Cabrisas and the Acting Minister of Foreign Affairs Gerardo Peñalver.

According to the Ministry of Foreign Affairs (MEA), the Cuban authorities commemorated the 75th anniversary of India’s independence with the issuance of a commemorative postage stamp.

After the meeting, in an exclusive interaction with Financial Express Online, the Cuban Ambassador to India, Alejandro Simancas Marín, invited businessmen and economic and commercial institutions from India to the XXXVIII Havana International Fair, which will take place from November 14 to 18».

“This is the main event of its kind in Cuba and one of the largest in the region. Therefore, it represents a unique opportunity for business promotion. We are available to support those who wish to join the pavilion under the Indian flag in this event,” said the Cuban envoy.

“These days we celebrate the 63rd anniversary of Ernesto Che Guevara’s historic visit to India and the meetings he held with Jawaharlal Nehru, when they laid the foundational foundations of friendship, cooperation and respect that characterize relations between Cuba and India today. .»

“There have been the spirit and principles that have guided bilateral relations over the years and that drive us to continue deepening bilateral dialogue and economic and trade cooperation,” he said.

What was the importance of this BDC?

According to the Cuban envoy, “the political dialogue has allowed the exchange on issues of common interest in bilateral relations and in the regional and international agenda, by emphasizing cooperation and support in international forums, always in defense of multilateralism, principles of international law and the purposes and principles of the Charter of the United Nations”.

Cuban authorities commemorated the 75th anniversary of India’s independence with the issuance of a commemorative postage stamp

Cuba has a feeling of gratitude towards the Government and people of India for the historic position of solidarity in demanding the lifting of the economic, commercial and financial blockade imposed by the Government of the United States against my country.»

Credit Line Agreement

“On the sidelines of the meeting with Deputy Prime Minister Ricardo Cabrisas, a Credit Line Agreement was signed for a value of 100 million euros that will begin to be operational in the coming weeks through Eximbank,” he said.

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Likewise, “at the same time we have ratified the will to strengthen bilateral collaboration in various areas, such as health, biotechnology, renewable energies, agriculture, telecommunications, sports and education.”

“This is an expression of the common interest of both governments to expand bilateral trade and continue to bring companies from both countries closer together. Cuba gives a high priority to the undertaking of economic and commercial relations with India and we believe that conditions exist for India to play an increasingly growing role in the economic development plans of our country.”

Renewable energy

“Renewable energies offer a great perspective, as our strategic plan to reduce dependence on fossil fuels contains important projects with India in the field of solar, wind and biomass energy. This was recently confirmed during the international meeting on renewable energy held in Havana, which was attended by a representative of the NTPC company and the International Solar Alliance, of which Cuba is a founding member,” added Ambassador Alejandro Marín.

Have new areas been identified in the CDB?

Yes. «We have identified equally relevant business project options in Cuba in the fields of agriculture, the food processing industry and the sugar cane industry, including the agricultural and industrial part. There are many projects open to foreign investment in Cuba in these fields that can be very attractive for Indian companies that have extensive experience in these sectors.”

The facilities offered by the Mariel Special Economic Zone and the adjacent port, the most modern in the region, allow investments to be directed not only to the Cuban market, but also to that of Latin America and the Caribbean.

The technological park of Havana is inserted in this same idea with opportunities in the information technology sector.

pharmaceutical

According to him, “the biopharmaceutical industry is perhaps the one that has found the most momentum in bilateral economic relations in the last ten years, and this is due to the high level of development that both countries have in this area, with a high capacity for research and installed production. . Cuba has developed several of its own vaccines against COVID and is one of the countries that shows the highest rate of vaccination and progress in the national health system.”

cigars and rum

Habanos cigars, considered the best in the world, along with Cuban rum have been traditional products associated with our culture; and they can be found in India. “Havana Club 7 years” rum, one of the most demanded internationally, was recently launched in Delhi and will now be available here.”

What is India importing from Cuba?

Biotechnological products such as reagents, monoclonal antibodies and others for the treatment of diabetes and vitiligo have also been in the portfolio of Cuban products imported to India.

Hotel industry

“I must point out that there are six hotels in Cuba managed by Indian companies, which is just a sample of the investment opportunities that exist in this sector, the most important and dynamic of the Cuban economy. In the coming months, the Hotel Grand Muthu Habana will be inaugurated in the center of the Cuban capital.

The facilities offered by the Mariel Special Economic Zone and the adjacent port, the most modern in the region, allow investments to be directed not only to the Cuban market, but also to that of Latin America and the Caribbean.

Other investment projects already evaluated awaiting Indian companies are not only in the hospitality sector, but also in the non-hotel offer, such as golf courses and entertainment”, said the envoy.

From town to town

«I also want to emphasize that Cuba is a country of culture, and the love for music and dance unites us with India, and the ability to create and tell stories; that is why we want to strengthen cultural cooperation; and especially joint productions in the film, music and music video industry. There have been very positive experiences in the past, such as the shooting of the movie “Ek tha Tiger” in Havana, and Indian cinema, like its culture, is especially admired in Cuba,” he added.

Note: The article was originally published in English in the Financial Express, and its reproduction in Spanish is made with the direct authorization of the author. Link to original article: https://www.financialexpress.com/defence/india-cuba-to-deepen-economic-ties-havana-club-7-years-rum-arriving-soon/2586270/