Cuba invites Indians to invest in energy, tourism

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New Delhi, May 23 (UNI) Cuba today invited Indian companies to take advantage of the buoyancy in the Cuban economy by investing in sectors like oil and gas, bio-technology, energy and tourism.

''There are very high potential for the further growth of the oil and gas sector but that requires heavy investments from countries like India,'' Cuba Deputy Minister of Foreign Trade, Eduardo Escandell Amador said here.

Referring to the tourism sector, Mr Amador said Cuba attracts two million visitors every year and the Indians, who are travelling abroad, could focus on the country as an attractive tourist destination.

He said in the 80s, there was heavy investment by India in Cuba, particularly in textiles. But, presently there is a slowdown both in trade and investment.

''Now, almost 70 per cent of Cuba's trade from China and this trend has to be changed and India has to take an active role in rebuilding the trading ties,'' he added.

The minister called upon India to trade directly with Cuba instead of routing through third countries, he said, emphasising that there is a need for developing similar joint ventures in housing construction, sanitation, hydroelectric and in electro energy projects.

UNI AK SG KP1706

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