Prabhu calls for higher India-Cuba trade

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Rituparna Kakati | 02 Nov, 2017
Minister for Commerce and Industry Suresh Prabhu called for enhanced trade between India and Cuba during his four-day visit to the country.

During his visit to Cuba, Suresh Prabhu stressed on higher bilateral trade between India and Cuba and also investment in the Latin American and Caribbean regions.

It was part of India's strategy to pursue new markets to expand India's trade footprint and targets to double trade with the Latam and Caricom region in the next 4 to 5 years.

With the Caribbean region, India's bilateral trade was US$ 1755 million in 2016-17, constituting only 7.16 percent of India’s trade with the Latin American and Caribbean region.

The visit of the Commerce & Industry Minister was to leverage age old political relationship beteen the two countries to enhance the economic and commercial ties between the two countries.

During the vist, Prabhu met almost the entire top leadership in Cuba including First Vice President Mr. Miguel Diaz-Canel Bermudez Mario, Vice President and Minister of Economic Affairs and Planning Ricardo Cabrisas Ruiz, and Minister of Foreign Trade and Investment Rodrigo Malmierca Diaz.

During the meeting a decision was taken to take the next step in this econmic engagement in the form of an MoU between the Federation of Indian Exporters Organisation (FIEO) and the Cuban Chamber of Commerce.

The MoU priorities six sectors for bilateral trade and investments. These are Pharmaceuticals, Tourism, Renewable Energy, Bio Technology, Sugar and Infrastructure development. Similar MoUs were later signed with Barbados and Guyana.

Prabhu also also engaged with the Indian diaspora, leading businessmen from Cuba and other prominent Cuban individuals, including the daughter of President Raul Castro and the son of Comrade Fidel Castro.