Tuesday, February 07 2023

November 1, 2017

India to explore bilateral trade and investment in Cuba

The Minister for Commerce and Industry Suresh Prabhu visited Cuba f to explore opportunities to tap the huge untapped potential, for 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 US$ 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.