India can export foodstuff, vehicles, spare parts to Cuba, says Mr. Amador
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From left, Dr Mamata Pandey,MP State Tourism Development Corporation; Mr Ajai Sahai, Director General, FIEO; Mr. Subash Mittal, Convenor FIEO Committee on IT&EPO; ,Mr Eduardo Escandell Amador, Cuban Dy. Foreign Trade Minister; Mr Subash Goyal, Convenor, FIEO Committee on Services and delegates from Cuba. |
Cuban Deputy Minister of Foreign Trade says that huge investment opportunities are available for Indian companies in renewable energy, hydro energy, oil & gas sectors. Mr. Eduardo Escandell Amador said this while addressing Indian businesspersons at a meeting organized by FIEO at New Delhi on 24th May. He was leading a Trade & Tourism delegation comprising of representatives from tourism, textiles, chemicals, agri business, energy, pharmaceuticals, and construction sectors of Cuba.
During his comprehensive presentation on Cuban economy and industry, the Deputy Minister mentioned that Cuba imported items like foodstuff, vehicles & spare parts, health products, machinery & equipments, etc. and India could be a supplier of these items to Cuba. On the other hand, he said, India could import nickel, biotechnology products, tobacco, rum, etc from Cuba.
Speaking further, the Deputy Minister thanked Indian Government for reopening lines of credit, which he said, would help increase trade between the two countries.
Earlier, while welcoming the delegation, FIEO Director General Mr. Ajay Sahai gave a brief introduction of India’s foreign trade and opportunities available for bilateral trade between the two sides. He said there was a good scope of investment for Indian businessman in Cuba in sectors like oil & gas, pharmaceuticals, energy, etc. whereas India could import nickel, cigars, tobacco, rum, etc from Cuba.
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Mr Subash Goyal, Convenor, FIEO Committee on Services (at right) welcoming the Chief Guest Mr Eduardo Escandell Amador, Cuban Dy. Foreign Trade Minister and leader of the Cuban Delegation, |
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FIEO DG mentioned that India’s current merchandise trade was about US$400 billion and hoped that with inclusion of trade in services, its total commercial engagement with the world would be worth US$ 525 billion. India’s share in the world trade currently stands at 1.5 % and the Government is targeting to raise it to 5 % by 2020, added Mr. Sahai.
Convenor, FIEO Committee on Services, Mr. Subash Goyal observed that India and Cuba had age-old cultural and trade relations and offered excellent opportunities for developing bilateral trade and economic relations. He pointed out that India’s trade in services had been increasing rapidly, especially over the last few years.
Referring to tourism, Mr. Goyal said that Cuba, with its beautiful beaches and tourist inflow from Latin American countries, offered excellent scope for tourism. Besides, there are good opportunities for business in medical tourism, biotechnology, nanotechnology and telecommunication, etc., he added.
Convenor, FIEO Committee on IT & EP, Mr. Subhash Mittal said that India was one of the fastest growing economies in the world recording a consistent growth rate of over 8% for the last many years. Indian exports are annually growing at over 25% for the last many years. India offers excellent opportunities for investment and joint ventures in infrastructure development for construction of ports, highways, airports, etc. Indian companies in IT, telecommunications, engineering, consultancy, pharmaceuticals, healthcare, hotels, etc. have matured considerably and have been recognized by both developed and developing countries. Mr. Mittal added.
Dr. Mamta Pandey of MP State Development Corporation gave a brief presentation on the scope of tourism from Indian
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IIT, BOMBAY & FIEO |
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FEDERATION OF INDIAN EXPORT ORGANISATIONS-WR (Set-up by Ministry of Commerce & Industry, Govt. Of India)
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