Following the historic meeting between Raúl Castro and Barack Obama, bilateral relations between the United States and Cuba and Cuba’s relations with the rest of the world are entering a new phase.
We are witnessing a new era, one that has generated a very positive outlook for the possibilities around Cuban trade and economic openness. This is a virtually untapped market, from which interesting business opportunities are arising for companies that know how to identify new business projects and investment opportunities that are profitable for both parties.
However, Cuba’s institutional and business environment bears no resemblance to that of any other country in the world, and its economic model has some unique characteristics. Despite the country’s growth potential, its GDP has not increased as expected and is lower than the regional average. Additionally, there has been a decline in exports of goods and services, as well as a reduction in revenue from traditional exports such as sugar and oil products. The Cuban government, aware of the need to boost the economy, is seeking to attract foreign investment in order to establish sustainable economic development for the country (aiming for $2.5 billion a year, according to the Minister of Foreign Trade and Investment, Rodrigo Malmierca).
We are witnessing a new era, one that has generated a very positive outlook for the possibilities around Cuban trade and economic openness
In this edition of UNO, we seek to examine this new political and economic phase the island is going through, providing different perspectives and points for reflection. Cuba has a close relationship with Latin America and the companies in the region, which, taken together with the important presence of Spanish companies, can play a leading role in helping Cuba take advantage of its position, as long as it develops a comprehensive, global and strategic method for deploying business intelligence that stays in line with its reality.