Cuba’s economy is largely state-controlled, with the government owning most means of production and employing a majority of the workforce. Key sectors of the island nation’s economy that generate foreign exchange include the export of professional services (largely medical personnel to Venezuela & Brazil); tourism, which has grown significantly since the mid-1990s, with 3.5 million … Read more
According to Integra Realty Resources’ (IRR) analysis in “Caribbean Market Update, 2016 Mid-Year Report” slightly over 30 million stopover visitors will visit the Caribbean in 2016 (including Cancun, Cozumel and Belize). Their data indicate average growth in tourist stopover arrivals to the (23 of 30) reporting markets in the Caribbean region (excluding Belize, Cancun and … Read more
CIN Becomes First U.S. Firm to Provide Film & Broadcast Services in #Cuba https://t.co/i9GLB4DlWr pic.twitter.com/JYAvJbj3Vd — Cuba Journal (@CubaJournal) August 2, 2016 It’s no secret that the US film and television industry has discovered Cuba. Among the images of antique American cars is a steady and growing stream of on-location film and broadcast events flocking … Read more
Last month, Gaviota’s 5th Avenue Hotel re-branded to operate under a new US brand, Four Points by Sheraton. Gaviota – an arm of the Cuban government/military – and the company behind the brand, Starwood Hotels & Resorts Worldwide, signed an agreement in March to operate two hotels in Cuba. The 5th Avenue Hotel is the … Read more
The persistent news coverage about Cuba’s biotech and pharmaceutical sectors suggests there is a boom underway. The reality is not as expansive as the level of attention warrants, but there are several examples of credible collaborations that point to the potential for Cuba to contribute to the medical community. Here is one example. In 2011, … Read more
Bacardi’s recent US marketing campaign for its Havana Club® brand feels like a typical Barardi campaign, but the look is quite different from the brand’s original label seen mostly outside the US. The Bacardi bottle’s trade dress is vintage-style packaging that features the Arechabala family crest – not the familiar red oval – and the … Read more
Establishing an FDI project in Cuba requires case-by-case government authorization at the highest levels of government. Projects must be authorized by either the Council of State or the Council of Ministers, depending on the circumstances of the particular project, as described below. According to observers, the Cuban government is most likely to approve investment proposals … Read more
The Cuban government developed a port and special economic development zone in Mariel called ZED Mariel (Zona Especial de Desarrolo). ZED Mariel was built in partnership with the Brazilian government and the Brazilian construction company Odebrecht for roughly $900 million. Established on November 1, 2013, the zone’s aim is to create a modern, multimodal trading … Read more
By Wes Wagner At first, the sunlit logo of a thriving private business seemed ironic beside the shadowed poster of the communist president, Raul Castro. Upon closer inspection, the juxtaposition made sense–the poster of Raul actually contained an endorsement of private business. In English, it read: “Cuba counts on cuentapropistas as the engine of future … Read more
Cuba has a strong tradition of banking. Its first bank began operating in 1832, and by 1959 Cuba had over 49 commercial banks with over 200 branches. The largest privately owned bank in Latin America at the time was Cuban, and two Cuban banks ranked in the top 500 globally. Additionally, a number of foreign … Read more
