Monday, May 19, 2008

Buying big, paying little

A large delegation of Castro regime officials has arrived in India with what the local media have described as a "big shopping list".

As you can see from this article in The Hindu, the delegation is reportedly looking at buying all sorts of Indian-made goods, including pharmaceuticals, energy-saving devices, engines, spare parts, chemicals ... you name it.

In fact, the Cuban Ambassador to New Delhi, Miguel Angel Ramirez, told the paper: “Though Cuba is small, when we buy we buy big."

Which sounds like terrific news for Indian manufacturers, doesn't it? Perhaps not.

According to the article, trade between India and Cuba used to be quite strong back in the 1980s, with Indian exports to the island totalling about USD300 million a year. But bilateral trade collapsed in the 1990s due to the demise of the Soviet Union ... and the fact that the Castro regime simply refused to pay its "outstanding debts".

Luckily for Havana, the Indians appear to be a very forgiving lot - not only have they cancelled the outstanding debts but are offering new lines of credit.

Wish them luck ...


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