Financial Daily from THE HINDU group of publications
Friday, Jan 25, 2002
Financial Daily from THE HINDU group of publications Friday, Jan 25, 2002 |
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Industry & Economy
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Foreign Trade Cuba to strengthen trade ties with India Our Bureau
KOLKATA, Jan. 24 CUBA has sought collaborative ventures with Indian entrepreneurs in the fields of sugar (in which the country is a major world producer), nickel extraction, pharmaceuticals and tourism. Making a presentation on Indo-Cuban trade relations at an interactive session here today, Mr Jose Eloy Valdes, Cuban Ambassador to India, said the country is now being opened for foreign direct investment, particularly in the biotechnology and sugar sectors. Suggesting that there was enormous potential for increasing bilateral trade between the two countries, which is now at a minuscule Rs 46 crore, the envoy said his country had made tremendous technological advances in the area of sugar-cane production, especially for development of a bagasse-based by-products such as paper, and which it was willing to share through collaborative ventures with other countries. Mr Valdes clarified that Cuba has already sufficiently modified its laws to facilitate inflow of foreign investment into the country in various sectors. He said Cuba was exporting Hepatitis B vaccine to India, and a plant for production of this vaccine was being set up in Chandigarh through a joint venture between the Centre for Genetic Engineering and Biotechnology, Cuba and Panacea Biotec. Some 30 Cuban companies are already working in India. The envoy said it might not be long before the fabulous Havana cigars make a re-entry into the country through retail channels. A Cuban company was drawing up plans to set up a facility in Maharashtra for production of Cuban rum. India's exports to Cuba consist of items such as spices, leather goods, drugs, pharmaceuticals & fine chemicals, drugs, intermediates and coal tar chemicals, inorganic and organic agro chemicals, paints, enamels and varnishes, gems & jewellery, plastic and linoleum products, manufactures of metals, manmade yarn, fabrics and made-ups and handicrafts (excluding handmade carpets). Indian imports from Cuba included pulp and waste paper, wood and wood products, medicinal and pharma products, artificial resins, plastic materials etc, iron and steel, chemical materials and products and non-ferrous products. Exports to Cuba during 2000-2001 were around Rs 22 crore, while imports during the same period were slightly higher at Rs 22.82 crore.
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