Cuba is open to carrying out rupee trade with India as it could help it “deal with US blockade’’ that makes it difficult to carry out financial transactions, Cuban Minister of Foreign Trade and Investment Rodrigo Malmierca Diaz said in an interview with businessline.
“We have been talking with the Indian government and commercial banks to find a solution to our problems with financial transactions. Trading in Indian rupee could be useful to us as we import substantially from India. So we are open to it,” the Minister said.
Great potential
Diaz, who is in India to attend the CII Partnership Summit in New Delhi, said there was a great potential to increase trade and investment ties between the two countries by working with enterprises from both sides.
Bilateral trade between Cuba and India declined significantly due to Covid-19 pandemic with exports to Cuba at $26.57 million in 2021-22 and imports from the country at $1 million.
“The political relation between India and Cuba are excellent. This year we celebrate 63 years of our diplomatic relations. We need to push forward economic relationship to the same level,”he said.
The Cuban government is talk with Indian authorities, chambers of commerce and entrepreneurs and is very optimistic about the possibilities to continue developing economic relations, he said.
Promising sectors
Highlighting the sectors that hold promise, Diaz said that renewable energy, bio-tech, agriculture products, such as rice and pharmaceuticals had a lot of potential.
“In the renewable energy sector, India has the technology and know-how. Indian enterprises are interested in working with us. We are working on this to promote a change for our generation that depends much in burning fossil fuel,”he said.
In biotech and pharmaceutical, too, there is a lot of scope for growth. “Both countries have enterprise with high R&D. I am very encouraged. Both the Indian government and enterprises are showing a lot of interest,” he said.