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India, Cuba sign MoU to boost trade & investment ties

By TIOL News Service

NEW DELHI, NOV 01, 2017: INDIA is looking to further diversify its trade to relatively newer markers in Latin America and Caribbean regions. In this regard, the Minister of Commerce and Industry, Mr. Suresh Prabhu visited Cuba from October 20 to 31, 2017 to strengthen not only bilateral trade but also investment in the Latin American and Caribbean regions. It has been the 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 USD 1755 million in 2016-17, constituting only 7.16 percent of India's trade with the Latin American and Caribbean region.

India has always enjoyed a good political relationship with Cuba, with India being one of the first countries to recognise the regime after the Revolution. The visit of the Commerce & Industry Minister was to leverage this age old political relationship to enhance the economic and commercial ties between the two countries. Considering the overwhelming support and warmth in the meetings, a spontaneous 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. Similar MoUs were later signed with Barbados and Guyana.

Mr. Prabhu also leveraged this opportubity to meet his counterpart from Haiti, Mr. Pierre Marie du Meny and the Barbados Minister of Industry, International Business, Commerce and Small Business Development, Mr. Donville Inniss. The Minister for Commerce & Industry also attended the inaugration of the 35th edition of FIHAV-2017 which saw particpation from over 70 countries. The Minister also inaugurated the Indian Pavilion in the presence of the Cuban Minister of Energy & Mines. The Minister was 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.


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