The upcoming ninth edition of the India-Latin America & Caribbean (LAC) Conclave, organized by industry body CII under the Ministry of External Affairs, holds great significance for strengthening economic ties between India and the region.
Cuba, in particular, has shown deep appreciation for this initiative, expressing their commitment to the Conclave by sending a high-profile delegation led by the Governor of Cienfuegos Province, Alexandre Corona, the Deputy Minister of Foreign Trade and Investment, Déborah Rivas, and the Director General of the Ministry of Industry. The delegation also includes key executives from companies involved in various sectors like power generation, renewable energies, electric vehicles, metallurgical industry, and steel.
Ambassador Alejandro Simancas Marin of the Republic of Cuba to India emphasizes that this Conclave presents a remarkable opportunity to explore and identify business prospects with the LAC region, with a special focus on Cuba. However, he stresses that the participation must go beyond mere formality, and concrete economic and commercial outcomes should be pursued. The goal is to make India a leading player in Cuba’s economic development plan.
With over 200 participants expected to gather in New Delhi on August 3-4, 2023, including trade ministers and representatives from companies across the region, this Conclave holds immense potential to foster meaningful collaborations, create business opportunities, and further strengthen India’s presence in the dynamic economies of the region.
The partnership between India and the region has been growing steadily, and events like the India-LAC Conclave play a vital role in building bridges, fostering dialogue, and enhancing cooperation between the nations.
Following are excerpts of an exclusive interaction with Alejandro Simancas Marin, Ambassador of the Republic of Cuba to India.
What is the country looking for and which sectors are of interest to Cuba?
The Cuban delegation will include the Governor of the province of Cienfuegos, which is located in the south of Cuba. This is an industrial and also agricultural area, which has an important port that can serve as a gateway to the region. The province of Cienfuegos offers business opportunities in the sectors of agriculture, sugar cane industry, renewable energies, and tourism, among others.
Cuba will also present business projects in the sectors of electricity generation, production of solar panels, batteries and electric vehicles, gold and nickel mining, the latter being one of Cuba’s main exports, as well as in the metallurgy sector and steel production.
We will also present the opportunities of our pharmaceutical and biotechnology industry, one of the most developed in the region. This sector exhibits unique products and treatments against cancer, diabetes, vitiligo and shows, as an example of its high development, the only vaccines against Covid-19 developed in Latin America and the Caribbean.
Tourism is the main industry in Cuba, and already has a large Indian hotel presence, but we believe it can be even bigger. We welcome Indian tourism to enjoy Cuba, a country with a unique culture and history, offering the highest levels of security, social development and of course the most beautiful beaches in the world.
We will make available to Indian businessmen these opportunities and the fiscal, economic and logistical facilities that Cuba offers for foreign investment.
We would like to invite the Indian authorities and companies to the Havana Fair (FIHAV), which will be held from November 6 to 11, 2023. In this multi-sectoral commercial space, India has always had a recognized pavilion and we expect that this year it will be even bigger and that it will serve to give continuity to the conversations that we establish here in the Conclave.
What are the problems a business might face in setting up in your country and how is your government helping companies?
The distance and the limited knowledge on both sides of the possibilities of our markets are issues that we must overcome.
To overcome this objective, I must say that the Cuban Government and the Ministry of Foreign Trade and Foreign Investment have given high priority to India. This means that there is a follow-up and support from the Government for business with Indian companies. The Cuban economy is in a process of updating its model, which implies decentralization, greater autonomy, encouragement for the creation of micro, small and medium-sized enterprises. This has stimulated the creation of more than 8000 companies in the last year, which represent new opportunities for Indian companies. There are new facilities for Indian companies to establish themselves in Cuba both in the wholesale and retail markets. The investment law offers unique advantages and facilities, and in particular, the Mariel Special Economic Zone offers exceptional tariff advantages and the services of the Mariel port, one of the most modern in the region.
Has the recent visits of ministers to the region helped in strengthening relations?
The official exchange of visits has been growing and if we consider that it contributes fully to relations. In the case of Cuba, we have historically had an outstanding official exchange of visits. Next September 11, we will celebrate the 50th anniversary of Fidel Castro’s first visit to India.
In recent years, the visit to Havana of President Ram Nath Kovind stands out; the visit at the level of Secretary of the MEA last year; while this year we had the honor of receiving in Havana the Minister of State for External Affairs and Cultural Meenakashi Lekhi and the Chief Minister of Kerala Pinarayi Vijayan, both of whom were received by the President of the Republic of Cuba, Miguel Diaz-Canel.
Likewise, our President visited India in 2015. This year, the Minister of Foreign Trade and Foreign Investment and the Deputy Minister of Communications also visited Delhi.
We must emphasize that this is a year of renewed commitment for Cuba with the global South, as we are chairing the Group 77 + China, whose Summit of Heads of State and Government will be held on September 15 and 16 in Havana. On this occasion, the Summit will address the theme “Current Development Challenges: Role of Science, Technology and Innovation” and will be a relevant space to provide the countries of the South with strategies for their development after the COVID-19 pandemic and the economic crisis.
India is a member of this group, so it will be an honor to receive high representation from India at this Summit and to continue together to contribute to the interests and aspirations of the global south, as we have done throughout our common history.