India has offered its expertise and assistance to Cuba in energy and mining sectors. Minister of State for Commerce and Industry Jyotiraditya Scindia gave this assurance to the Cuban acting Minister of Foreign Relations Mr. Marcelino Medino. He said Indian companies can participate in Cuba through investment in exploration, production, refining and marketing. Mr Scindia is on a three day visit to Cuban capital Havana for strengthening trade and investment ties between the two countries. According to an official release, during the bilateral meetings, the entire spectrum of India- Cuba relations was reviewed with the objective of adding more economic content to existing strong political and cultural ties. Mr Scindia complemented the Cuban Minister for impressive growth of around 5 Per cent of the Cuban economy at a time when most of the western economies have shrunk. The Cuban Foreign Minister reciprocated by expressing gratitude for India’s assistance in setting up a milk processing plant in Cuba through a 5 million US dollars Line of Credit.
In another meeting with the Cuban External Trade and Investment Minister Mr. Rodrigo Malmierca, both sides expressed disappointment at the low level of annual bilateral trade at about 40 million US Dollars as it is way below the true potential. Mr Scindia said that the economic complementarities between the two countries, if exploited properly, would enable manifold growth trade and economic relations.
Mr Scindia also asked to facilitate and expedite the request of ONGC Videsh Limited for extension of their contract in Cuba which is expiring in September this year.