India-Cuba bilateral trade has potential of $500 million: India’s Ambassador to Cuba

The discussion was moderated by Dr. Sunod Jacob, Senior Fellow at the TPF. Air Marshal M Matheswaran, the President and Chairman of TPF made the opening remarks.

Joining in from the Indian Embassy in Cuba, Dr. S. Janakiraman opened his address by providing an overview of Cuba’s demography, geography, history, and polity.

Cuba, a Latin American island nation, faces challenges like economic blockade, low productivity and inflation. According to him, all these are interlinked, when it comes to economic development.

“India’s relations with Cuba are traditionally warm and friendly. We both have been active in bilateral engagements at the high-level. Globally admired legend Che Guevara visited India in 1959 whereas Fidel Castro visited India twice in 1973 and 1983.

The visit of Hon’ble Rashtrapati Ji in 2018, Hon’ble Vice President in 2013 and earlier visits by former Prime Ministers Rajeev Gandhi and Manmohan Singh and other senior Ministers took the bilateral relations to newer heights,” Ambassador S. Janakiraman asserted.

In and across Cuba, Indian LOC projects including solar energy projects, and small projects in agriculture, estimated to be $248 million, are under various stages of implementation. Every year India offers about 60 to 70 ITEC training slots to Cubans.

While responding to a question on healthcare, Ambassador S. Janakiraman said, "Cuba administered the first vaccine for two-year-old and above children. Cuba was very successful in handling the covid pandemic and inoculating citizens with indigenous COVID-19 vaccine brands Abdala and Soberana."

"The vaccines are exported to states like Vietnam, and Latin American countries. Cuba is all set to open its border by mid-November after completing inoculation of 95 percent of its population," he said.

"The pharmaceutical industry in Cuba is research-driven. They have new molecules for cancer treatment," Ambassador further added.

The bilateral trade has consistently stood in the range of $50-80 million mark. But in the 80s /90s India-Cuba bilateral trade was nearly $300 million, the Indian Ambassador informed.

Dr. S. Janakiraman indicated that there is potential for increasing bilateral trade.

The Ambassador highlighted the strength of the Cuban healthcare system and their research credentials and infrastructure in the biotechnology sector. These are areas for high collaboration between the two countries. He foresees a possibility of increasing bilateral trade to $500 million.

Promising areas are automobiles including two wheelers, solar energy sector, in agriculture-rice cultivation and export, agricultural machinery and implements including tractors, poultry industry for meat and eggs, along pharmaceutical sector including medical equipment, and pharma products.

The Indian envoy mentioned Cuba’s need for importing essential commodities and food items and suggested how Indian states like Tamil Nadu can take advantage.

Cuba’s investment and trade partners include several companies from Germany, Netherlands, Canada, Russia, Italy and Spain, are actively engaged in Cuba. In order to attract foreign investments and establish strong commercial ties, Cuba will be hosting a virtual business forum in November 2021. The forum is free to attend where Indian business entities and chambers of commerce can attend and take advantage, Ambassador S. Janakiraman said during the webinar.

Dr. S. Janakiraman assumed the role of Ambassador in Cuba in Jul 2021. An ardent golfer, Ambassador Janakiraman is conversant in English, Hindi, Tamil and Portuguese.

His PhD degree was conferred by Indian Agricultural Research Institute in New Delhi in 2002.