Cuba

• Basic Information
• Overview of the Market
• Business with India

More info at the website of the Embassy in Cuba

http://www.indembassyhavana.cu/

 

 

Basic Information

• Map : http://worldatlas.com/webimage/countrys/namerica/caribb/cu.htm
• Capital : Havana
• International Airports : Havana, Santiago de Cuba, Camaguey and Varadero
• Seaports : Cienfuegos, Havana, Manzanillo, Mariel, Matanzas, Nuevitas and Santiago de Cuba
• Language : Spanish
• Electric Current : 110 voltage
• Main Cities : Santiago de Cuba, Santa Clara and Camaguey
• Major Banks : Banco Central de Cuba and Banco Exterior de Cuba

 

 

 

Overview of the Market

• Population : 11 million

• State-controlled economy. no private sector.

• Recently government is encouraging foreign investment in certain areas ,in the form of joint ventures with the Cuban Government or management contracts. Chinese and others are investing .

• Cuba has made remarkable achivements in the fields of education, health care, biotechnology and sports

• Sugar exports were the main source of foreign exchange but this has drastically declined over the years.

• Cuba has the second largest reserves of Nickel in the world

• Nickel and Cobalt: Cuba produces 74,000 tonnes of Nickel and aims to take the output to 100 ,000 tonnes in the coming years.  Nickel and cobalt reserves in the north-east of the island are among the world's largest.  Cuba has about one-third of the world's nickel resources (proven reserves of 800 mn tonnes and 2 bn of probable reserves), and is the fourth largest nickel producer.  Cuba produces  10% of world’s cobalt  which are critical in production of super alloys used for such products  as aircraft engines. 

• Tourism has become a major source of foreign exchange. About 2 million tourists visit from europe and canada  

• Medical Services: Earnings from  Medical services is another main source of foreign exchange.    

• China is the second largest trading partner after Venezuela.

• Venezuela supplies oil at concessional terms as a sign of political solidarity. Cuba has sent over 20000 doctors to assist Venezuelan health care for poor people.

• The economy which suffered a crisis after the collapse of the connection with the Soviet system has now recovered and is now growing.

• Cuba has awarded 20 offshore oil blocs for exploration to foreign companies. Estimates are over 4 billion barrels of oil reserves.

 

 

Business with India

Bilateral Trade (US $ million)   2000 2001 2002 2003 2004 2005-6   Exports from India     9   9   10   10   15   17   Imports by India     7   2   2   5   2   3       Principal items of India’s exports Electronic equipments, cotton yarn fabrics and made-ups, drugs, pharmaceuticals and fine chemicals, plastic and linoleum products, machinery and instruments , spices etc Principal items of India ’s imports Vaccines, medicines (like melagenina, interferon and streptokinase) nickel, and cigars.   Joint Ventures Biocon and Panacea have set up joint ventures with Cuban companies for production of vaccines in India. The cuban contribution is in terms of technology.   ONGC Videsh Ltd (OVL) gets oil fields in Cuba OVL has signed an agreement with the Government of Cuba under which they get 30 percent share in the six off-shore oil blocks of the consortium of Repsol and Norsk Hydro. OVL has also got two more blocs independently. OVL has set up an office in Havana. Government of India writes off Cuban debt Cuba owed 62 million dollars of which 29 million was the principal and 33 million was the interest accumulated since 1990. These were due to EximBank and ECGC mainly . The Government announced this decision of waiver of the debt during the visit of Foreign Minister of Cuba on 11 April 2007. This resolution of the debt issue should reopen the trade with Cuba, which wants to import pharmaceuticals, consumer items and capital goods.