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Cuban private business leaders meet in Miami to reach trade deals

Cuban private business leaders meet in Miami to reach trade deals

More than 70 Cuban businessmen discussed trade issues in Florida in what was billed as a historic meeting. A similar meeting has never taken place since the island allowed private businesses from 2021. Another unique feature is that it was not carried out on Caribbean soil. The meeting was very helpful for those who came to learn from similar businesses run by successful Cuban Americans in South Florida. A key issue is how to import goods from the US and avoid the restrictions of the US embargo.

Both governments are exploring ways to further promote private governance in Cuba. Entrepreneurs never predicted how beneficial the island’s green light would be for businesses with these characteristics. On the US side, ways to continue trade exchanges and to do so in the short term are being analysed.

“The Cuban-American community believes that an essential part of the future of Cuba includes a free enterprise system.” Former Congressman Joe Garcia, who helped organize the trip and event at Miami-based law firm Akerman LLP, commented.

Reduce costs and buy without middlemen

These are the two main objectives of Cuban entrepreneurs visiting Florida. A group of several MSME owners from various Cuban provinces. They lead projects in transportation, construction, software development, and manufacturing of apparel and beauty products.

The main idea is to reduce costs and prices by dealing directly with suppliers, not necessarily buying from resellers. Others, meanwhile, are looking for markets and associations that will help them expand their operations within Cuba.

Most business owners said they were encouraged by recent announcements from the Biden administration. The United States is preparing new regulations that would allow Cuban private entrepreneurs to open bank accounts in the northern country.

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