May 24, 2008
Joining the list of nations that are keen to have the Nano ply on their
roads, Cuba said on Friday the world's cheapest car from the house of
Tatas has huge potential in the Caribbean nation.
Cuban Deputy Minister of Foreign Trade Eduardo Escandell Amador, who is
leading a 19-member delegation to India, would meet senior officials
from Tata Motors [Get Quote] in Mumbai next week to explore business
tie-ups.
"Next week we will meet Tata Motors and Essar Group executives to
explore business opportunities. Indian cars like the Nano and Maruti
[Get Quote] have a potential market in Cuba," Cuban Ambassador to India
Miguel Angel Ramirez Ramos said at a function in New Delhi of industry
chamber PHDCCI.
Besides Nano, Ramos said there is huge potential for Tata trucks and
buses in that country.
Cuba is looking at increasing its trade with India to $300 million over
the next three years on the back of enhanced cooperation in sectors like
auto, power, oil and gas.
"In 2006-07, our bilateral trade was $27 million and we expect to it
increase to $300 million in the next three years," Ramos said.
India-Cuba trade during the 1980s was over $300 million but it plummeted
to $50 million because of unavailability of a line of credit from New
Delhi to Havana.
China has extended soft loans to Cuba and is today the largest provider
of locomotives, light vehicles and buses, with trade between the two
countries reaching $3 billion.
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