New Delhi -  India and Cuba identified new sectors for bilateral cooperation during the recent Havana International Fair (FIHAV 2018), one of the most representative business events in Latin America and the Caribbean.

Among the branches the two sides agreed there's room for improving economic cooperation are agriculture, renewable energy, health, biotechnology, pharmaceuticals and sports, according to Indian diplomatic sources.

The biotechnological and pharmaceutical sectors are important pillars of the Cuban economy in which both countries currently cooperate. The fundamental products that are commercialized are active ingredients, raw materials and equipment.

Relations between the two countries gained new momentum with the visit of President Ram Nath Kovind in June of this year to Cuba, the Financial Express reports on its website.

In conversations with his Cuban counterpart, President Miguel Diaz-Canel, both leaders talked about strengthening economic ties, and at the end of the talks, two memoranda of understanding on cooperation in the field of biotechnology, traditional medicines and homeopathy were signed.

Some 45 Indian companies participated in FIHAV 2018, and in line with government initiatives and the deepening of South-South Cooperation, a Letter of Intent was signed between the Cuban Logistics Group for Agriculture and the Indian company Escorts for the exchange of technical data in relation to the supply project, post-sales, and specialized technical services.

Madhu Sethi, India's ambassador to Cuba, told the newspaper that FIHAV in Cuba is an appropriate destination for Indian companies to meet with international delegates in all sectors, not only on this Caribbean island but throughout the entire Caribbean region and Latin America.

Furthermore, given that Cuba is one of the founding members of the International Solar Alliance (ISA) within the framework of this cooperation, India offered a loan of 75 million dollars for a 100 MW solar energy project in Cuba.

The International Fair of Havana, which was held in its 36th edition with the participation of more than 70 countries, is considered one of the most important multisector trade fairs in Central America and the Caribbean.