American Companies Kick The Tires of Cuba’s New-Old Economy
American Companies Kick The Tires of Cuba’s New-Old Economy
“There’s a disconnect between what U.S. companies can do [under the embargo] and what Cubans want,” says AS/COA’s Alana Tummino on increasing U.S. investment interest on the island.
…“The attraction of Cuba is kind of an amusement park in decay,” John S. Kavulich III, president of the U.S.-Cuba Trade and Economic Council, told Hoag. With the re-establishment of Cuban-U.S. diplomatic relations after a half-century freeze-out and President Obama’s recent visit, U.S. business executives are dreaming big dreams.
Trade fairs in Havana draw scores of top-drawer American companies ranging from PepsiCo to Caterpillar to Boeing. The Cuban government is opening the state-run economy to foreign investment with a goal of attracting $8.2 billion in FDI. Obama has carved out ever-wider exceptions to the 54-year-old U.S. embargo on trade with Cuba that enables expanded activity in fields such as telecommunications and travel.
“Everyone is interested in Cuba right now,” Alana Tummino, head of the Council of the Americas’ Cuba Working Group, told SAGE Business Researcher. “The Cubans are totally inundated with business groups traveling down and wanting to meet with ministry officials.”…
