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India and Cuba to reach economic potential

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Havana, Sep 8 (Prensa Latina) Cuban Deputy Foreign Trade Minister Déborah Rivas on Thursday identified potential in economic relations with India in different sectors such as finance, renewable energies, agriculture and biopharmaceutical industry.

During a business forum with a delegation led by the Indian Economic Trade Organization (IETO), Rivas said visitors´ interests are directly connected with the priorities of Cuba´s National Development Plan.

Regarding relations between both nations´ banks, Rivas recalled the financial persecution characterized the tightening of the economic, commercial and financial blockade imposed by the United States on Cuba for over 60 years. This is one of the main elements that hinder our trade and investment relations at the international level; therefore, the possibility of establishing new banking relations with a country like India is quite stimulating, said the deputy minister.

In this regard, Rivas thanked for the recent agreement reached by the Cuba´s Banco Exterior and the EximBank for a credit line worth €100 million.

Cuba is bound up in reaching its energy matrix has highest possible percentage of generation with renewable energy sources, and the Indian company NTPC is carrying out final studies for implementing more than 1,000 megawatts, she argued.

Rivas also recognized some possibilities of alliances between Indian and Cuban micro-, small- and medium-sized private agricultural enterprises.

“Foreign companies can be involved not only in supplying products, but also in supplying technologies and know-how in this area,” she added.

In the case of biotechnology, she praised the global leadership of both countries in producing medicines and vaccines, and suggested to establish a commercial relationship to supply active ingredients.


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