A Line of Credit agreement worth Euros 100 million was inked with Cuba for the procurement of rice from India, at the end of the second round of Foreign Office Consultations (FOC) in Havana. The two countries have also agreed to expand economic relations. The meeting took place in Havana on June 27, the Indian side was led by Saurabh Kumar, Secretary (East) and the Cuban side was led by Ms Anayansi Rodriguez Camejo, Vice Minister of Foreign Affairs.  Also, Secretary (East) Saurabh Kumar was welcomed by Vice Prime Minister Ricardo Cabrisas and acting Foreign Minister Gerardo Peñalver.

According to the Ministry of External Affairs (MEA), the Cuban authorities commemorated the 75th Anniversary of India’s Independence by releasing a commemorative postage stamp.

Takeaways

After the meeting, in an exclusive interaction with Financial Express Online, Ambassador of Cuba to India, Alejandro Simancas Marin invited entrepreneurs and economic and commercial institutions of India to the XXXVIII International Trade Fair in Havana, which will take place from November 14-18.”

“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 the promotion of business. We are available to support those who wish to join the pavilion under the Indian flag in this event,” the Cuban envoy said.

“These days we are celebrating the 63 anniversary of Ernesto Che Guevara’s historic visit to India and the meetings he held with Jawaharlal Nehru, when they cemented the foundational bases of friendship, cooperation and respect that characterize today’s relations between Cuba and India.”

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

What was the significance of this FOC?

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

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Credit Line Agreement

“In the sidelines of the meeting with the Vice Prime Minister Ricardo Cabrisas, took place the signing of a Credit Line Agreement for a value of 100 million Euros to begin to become operational in the coming weeks through Eximbank,” he said.

Also, “At the same time we have ratified the willingness to strengthen bilateral collaboration in various areas, such as health, biotechnology, renewable energy sources, 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 attaches high priority to the undertaking of economic and trade 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 prospect, 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 renewable energy meeting held in Havana, attended by a representative of the NTPC Company and the International Solar Alliance, of which Cuba is a founding member,” Ambassador Alejandro Marin added.

Any new areas identified in FOC?

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

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

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

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 development that both countries have in this area, with a high research capacity and installed production. Cuba has developed several of its own vaccines against COVID and is one of the countries that show the highest rate of vaccination and progress of the national health system.”

Cigars & Rum

Habanos Cigars considered the best in the world, together with Cuban rum have been traditional products associated with our culture; and that can be found in India. “Recently launched in Delhi the “Havana Club 7 Years” rum, one of the most in demand internationally and which will now be available here.”

What is India importing from Cuba?

Biotechnology products such as reagents, monoclonal antibodies, and others aimed at treating diabetes and vitiligo have also been in the portfolio of Cuban products imported into India.

Hotel Industry

“I must point out that there are six hotels in Cuba run by Indian companies, which is only a sample of the investment opportunities that exist in this sector, the most important and dynamic sector of the Cuban economy. The Grand Muthu Habana Hotel will be inaugurated in the next few months, in the center of the Cuban capital. Other investment projects already evaluated waiting for Indian companies are not only in the hospitality sector, but also in the extra hotel offer such as golf courses and entertainment,” the envoy said.

People to people

“I would also like to stress that Cuba is a country of culture, and we are united with India by a love of music and dance, and the ability to create and tell stories; we would therefore like to strengthen cultural cooperation; and especially joint productions in the film, music and music video industries. There have been very positive experiences in the past, as the shooting of the film “Ek tha Tiger” in Havana turned out, and Indian cinema, like its culture, is especially admired in Cuba,” he added