Cuba seeks investment from India in energy sector
Tuesday, May 20, 2008
New Delhi (PTI): Cuba on Tuesday sought greater Indian investments
particularly in the energy sector, besides oil and gas, tourism, mining
and construction to boost economic relations between the two countries.
"There is a huge opportunity in Cuba for Indian companies in the sectors
like oil and gas, tourism, mining and energy sectors, Cuba's Deputy
Minister for Foreign Trade Eduardo Escandell Amador told reporters here
at CII function.
The 19-member business delegation led by Amador, arrived here on May 17
and would be here for 12 days.
Amador said while Cuba needs to import food products, health products,
transportation and energy services from India, India can also import
health products and services, tobacco and rum from Cuba.
In the 1980s bilateral relations were strong, with annual bilateral
trade touching 300 million dollar. But the 1990s saw the demise of the
Soviet Union, the economic crises in Cuba and a change of policy in
India. Then there were outstanding debts. All these factors have now
been overcome, Ambassador of Cuba Miguel Angel Ramirez Ramos said.
Foreign trade, which was 10 billion dollar annually in the 1980s,
plummeted to 3 billion dollar in the 1990s and has now recovered to 15
billion dollar, Ramos said.