By Abhijit Neogy, CNBC-TV18

After decades of being a closed economy, the Raul Castro-led Caribbean nation is finally opening up. A large Cuban trade delegation is here to enhance trade links with India and the govt has waived all outstanding bilateral loans to the extent of 60 million dollars. Led by their Deputy Foreign Trade Minister, the Cuban delegation is also meeting senior Indian politicians to lobby for a multi million dollar credit line.

The two countries have already identified areas of possible cooperation to boost trade levels. Companies making dye casts for vehicles, shipping and logistics companies, hydropower and food processing companies have already made initial contact with their Cuban counterparts sensing a big business opportunity.

Cuba is also looking to aggressively market its world famous Cigars, sugar and sugar products as well as petroleum and natural gas, something that India needs at the moment. Indian Companies like Biocon already have a major presence in the Central American nation.  But the biggest opportunity that Cuba wants to market is in the tourism sector despite the bonhomie and the good intentions, a free-trade-agreement is not in the offing.