India and Cuba have discussed ways to explore bilateral business opportunities and tap the huge investment potential in Latin America, the commerce ministry said today.
Commerce and Industry Minister Suresh Prabhu was on a visit to Cuba from October 28-31.
The visit was aimed at exploring "opportunities to tap the huge untapped potential, for not only bilateral trade but also investment in the Latin American and Caribbean regions", the ministry said in a statement.
The ministry said it has been the strategy to pursue new markets to expand India's trade footprint and targets to double trade with the Latin American and Caribbean region in the next 4-5 years.
Trade India and Cuba was USD 43.10 million in 2016-17 as against USD 55.64 million in the previous fiscal. Between India and Latin America, it stood at USD 14.27 billion in 2016-17 as against USD 14.6 billion in the previous fiscal. With the Caribbean region, India's bilateral trade stood at USD 1.75 billion in 2016-17.
The minister met top leadership in Cuba including the First Vice President Miguel Diaz-Canel Bermudez Mario, Vice President and Minister of Economic Affairs Ricardo Cabrisas Ruiz and Minister of Foreign Trade and Investment Rodrigo Malmierca Diaz.
Further, an MoU was signed between the Federation of Indian Exporters Organisation (FIEO) and the Cuban Chamber of Commerce.The MoU prioritises six sectors to increase bilateral trade and investments -- pharmaceuticals, tourism, renewable energy, bio-technology, sugar and infrastructure.