Cuba, Pakistan have good potential to boost trade relation

Ambassador of Cuba to Pakistan Gabriel Tiel Capote during his first interaction with business community at the Islamabad Chamber of Commerce and Industry on Wednesday said that the two country Pakistan and Cuba have good potential to promote mutual cooperation in many areas and that his country was keen to enhance trade relations with Pakistan.

The envoy said Pakistan could export textiles, fabrics, rice, surgical instruments, leather and sports goods to Cuba while Cuba could export its biotechnological and pharmaceutical products to Pakistan.

The ambassador further said that Cuba had opened Mariel Port in 2014 situated in its north western region and created an economic development zone around this port to attract foreign companies in the fields of electronics, chemicals, computers, biotechnology and pharmacy.

He said Pakistani investors should explore investment opportunities in the said economic zone in Cuba. Cuba also organizes Havana International Fair every year, which would held in November this year and it was a good opportunity for Pakistani businessmen to participate in the fair to showcase their products as well as identify opportunities for further expanding bilateral trade.

He suggested that ICCI should form a delegation of specific sectors for Cuba to explore business matchmakings and assured that his Embassy would facilitate in connecting its members with right counterparts in Cuba.

ICCI President Atif Ikram Sheikh said that bilateral trade between Pakistan and Cuba was just $5.6 million in 2015, which was not encouraging by any standard.

He said that both countries should facilitate frequent exchange of trade delegations and focus on promoting connectivity between their private sectors to identify new avenues of mutual collaboration.