INDIA - CUBA BUSINESS & CULTURAL COUNCIL

Ambassador and Consul General

Global India Business Forum is proud to be associated with the Republic of Cuba. It is an island country comprising the islands of Cuba.Cuba is famous for its cigars, rum made from sugarcane, Salsa and other Cuban dance style. Global President of GIBF, Dr. Jitendra Joshi and Co-founder and Director Deepali Gadkari had fruitful dialogues with the Ambassador of Cuba, Alejandro Simancas Marin.The association will promote bilateral trade and boost cultural exchange and relations.

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Petroleum, nickel, medical products, sugar, tobacco, fish, citrus, coffee

food, cereals, fuel, diesel engines, vehicles, motor parts and vegetable oils

ABOUT

ABOUT CUBA

Cuba, officially The republic of Cuba, is an island country of the West Indies, the largest single island of the archipelago, and one of the more-influential states of the Caribbean region. Cuba is a multicultural, largely urban nation, although it has only one major city: Havana. Cuba has a centrally planned economy with increasing opportunities for private business and foreign investment, both of which were recognized in the amended constitution of 2019. Economic Overview - * Bilateral trade at about USD 121M * In 2020, India exported $20.1M to Cuba. The main products that India exported to Cuba Medicaments, moving, scraping, excavating, tamping, compacting, extracting or boring machinery, and Plastic articles. * During the last 25 years the exports of India to Cuba have increased at an annualized rate of 21.1%, from $169k in 1995 to $20.1M in 2020. * In 2020, Cuba exported $61.5M to India. The main products that Cuba exported to India were Petroleum oils and oils obtained from bituminous minerals; crude, lead waste and scrap. * During the last 25 years the exports of Cuba to India have increased at an annualized rate of 11%, from $4.57M in 1995 to $61.5M in 2020.

BUSINESS OPPORTUNITIES

BUSINESS OPPORTUNITIES IN CUBA

There are many new business opportunities in Cuba and it is predicted to boost international trade and improve foreign investment in the country In the year 2014, the Cuban government presented a docket titled ‘The Cuba Portfolio on Opportunities for Foreign Investment’. This report included 246 projects that require over 15 billion USD in capital investment. Healthcare. The Cuban government has been pro-actively working towards the development of its pharmaceutical industry. Energy Manufacturing Tourism Information communication technology Agriculture, food and beverage.

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EXPORTS AND IMPORTS IN CUBA

In 2021 Cuba was the number 158 economy in the world in terms of total exports and the number 154 in total imports.

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TOP EXPORTS OF CUBA

The top exports of Cuba are Rolled Tobacco ($275M), Nickel Mattes ($148M), Raw Sugar ($121M), Hard Liquor ($91.8M), and Zinc Ore ($89.6M), exporting mostly to China ($419M), Spain ($118M), Germany ($70.2M), Belgium ($58.7M), and Switzerland ($46.2M)..

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TOP IMPORTS OF CUBA

The top imports of Cuba are Poultry Meat ($330M), Wheat ($153M), Concentrated Milk ($107M), Crude Petroleum ($70.2M), and Rice ($66.9M), importing mostly from Spain ($741M), China ($574M), United States ($309M), Canada ($225M), and Italy ($185M).

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