Jamaica government prepared to facilitate investor interest in Cuba

Jamaica government prepared to facilitate investor interest in Cuba
Published on January 19, 2015
By Douglas McIntosh

KINGSTON, Jamaica (JIS) -- State minister for foreign affairs and
foreign trade, Arnaldo Brown, says the Jamaican government is prepared
to assist, in whatever way possible, in facilitating local investors
interested in exploring and tapping into business opportunities
anticipated to materialize in Cuba, consequent on the United States'
re-establishment of diplomatic relations with that country.

Brown noted that, while the United States' economic embargo imposed on
Cuba over 50 years ago remains in place, the diplomatic re-engagement
announced by US President Barack Obama is expected to facilitate "some
economic activity" and "ease of movement" between the countries, among
other things.

"After 50 years of embargo, there is still a lot of development that
will have to take place to bring Cuba forward (in line with significant
advances made by other countries). What they do have in their favour is
the fact that they have a highly educated population and, therefore…
closing of the gap won't be that challenging for them. But it is still
going to require significant investment of capital. So it, therefore,
means that there are possibilities for investors in Jamaica to invest in
Cuba," the state minister argued.

Speaking at the weekly meeting of the Trafalgar New Heights Rotary Club
on January 15, Brown said an important aspect of the revived diplomatic
relations is the possible dismantling of the embargo, anticipated.

While acknowledging that the embargo's removal is "a matter for the
Congress of the United States of America to address", Brown said thawing
of the relations should generate is a "myriad" of opportunities for
large, medium, and small local investors to explore and tap into the
potential business opportunities in the Spanish-speaking Caribbean
island of 11 million people.

Against this background, Brown said the government "stands ready" to
"facilitate" anyone interested in exploring these possibilities. He
contended that given the history of the relationship between Jamaica and
Cuba, which established diplomatic ties in 1972, "the possibilities are
significant."

"I think the issue, really, is how we view what is happening and how we
prepare ourselves for what is happening. As far as the government is
concerned, I think that we have prepared the way in terms of the
diplomatic relationships that are there, in terms of the connections
that are there, and that it is really for private enterprise to become
proactive in terms of seeking out the opportunities that exist there,"
Brown contended.

A key element of the diplomatic re-engagement between the United States
and Cuba is the mutual re-establishment of embassies and resumed
appointment ambassadors, as agreed by President Obama and his Cuban
counterpart, Raul Castro.

Source: Jamaica government prepared to facilitate investor interest in
Cuba | Caribbean News Now -
http://www.caribbeannewsnow.com/headline-Jamaica-government-prepared-to-facilitate-investor-interest-in-Cuba-24450.html