Cuban Biotech Companies want to make investment in Pakistan

  • March 10, 2021
Cuba was very strong in biotechnology and many Cuban Biotech companies wanted to explore JVs and investment in Pakistan with technology transfer to meet the needs of Pakistani market and export their pharmaceutical products to Iran, China, Central Asian States, Europe, Malaysia, Indonesia, and other countries. This was observed by H.E. Zener J. Caro Gonzalez, Ambassador of Cuba while addressing the business community during his visit to Islamabad Chamber of Commerce & Industry. Mrs. Darfene Herrera Naranjo, Third Secretary of Cuban Embassy also accompanied him at the occasion.
The Ambassador said that Cuban pharmaceutical companies were looking for credible partners in Pakistan for supply of their products in Pakistani market and later on they wanted to set up manufacturing plants in Pakistan to produce pharma products. He said that Covid vaccine of Cuba would soon reach Pakistani market followed by vaccines for diabetes patients in Pakistan. He said that he would work for promoting Pakistani exports to Cuba including rice, textiles products, surgical instruments and others. He said that promoting linkages between the private sectors of Cuba and Pakistan and people-to-people contacts between both countries would be key focus on his efforts in Pakistan. He said that Pakistani investors could also export their products to USA, South & North America, Caribbean and other markets by investing in Cuba.
Speaking at the occasion, Sardar Yasir Ilyas Khan, President, Islamabad Chamber of Commerce & Industry (ICCI) briefed the Ambassador about the potential opportunities of JVs and investment for Cuban investors in various sectors of Pakistan’s economy. He said that Pakistan enjoyed a strategic location for investors while the government was setting up many SEZs in Pakistan that offered great incentives to local and foreign investors. Therefore, Cuban investors should capitalize on these benefits by investing in Pakistan. He identified tourism, IT, agriculture, construction, health and education as other potential areas of mutual cooperation between Pakistan and Cuba. He said that ICCI would organize industrial and property expos in coming months and invited Cuban investors to visit these expos to explore JVs and investment. He thanked Cuba for its offer to train Pakistani medical professionals including nurses free of cost and hoped that it would enable them to provide better health services to our people. Fatma Azim Senior Vice President ICCI informed the Ambassador about export potential of Pakistani fruits including mangoes, kinnows, dairy products to Cuba. Aslam Khokar, Muhammad Saeed Khan, Naveed Malik, Khalid Chaudhry and others were also present at the occasion.
Both sides discussed the proposal of signing an MoU between Cuban Chamber of Commerce & Industry and ICCI for promoting business linkages between the two countries through exchange of trade delegations and participation in each other country’s exhibitions and trade fairs.