India extends energy & mining sector support to Cuba

India extended its proficiency and support to Cuba in energy and mining sectors. Minister of State for Commerce and Industry assured this to Cuba. Indian companies can engage in Cuba through investment in exploration, production, refining and marketing. Recently, the complete outlook of India- Cuba relations was reviewed with the goal of adding larger economic dimension to existing strong political and cultural ties. Cuba has impressive growth of around 5% at a time when most of the western economies have contracted. Cuba expressed gratitude for India’s aid in establishing a milk processing plant in Cuba through a $5 million Line of Credit.
Both sides felt disappointment at the low level of annual bilateral trade at about $ 40 million as it is far below the true potential. India asked to facilitate and speed up the request of ONGC Videsh Limited for extension of their contract in Cuba which is expiring in September 2012.

Month: Current Affairs - July, 2012