India wants to strengthen economic ties with Cuba, the top Indian diplomat said on a trip to the Communist-run Caribbean island.

"The purpose of my visit to Cuba is to promote economic relations between both countries," S.M. Krishna said on state television after a meeting with the speaker of Cuba's National Assembly, Ricardo Alarcon. "Our political relations are excellent."

Bilateral trade between the two states totaled $54 million in 2010, according to the latest official figures. The two countries also cooperate in the areas of biotechnology, information technology, education and sports. India has also invested in oil exploration off Cuba's coast in the Gulf of Mexico.