By Vanessa Bauzá. Havana Bureau. Posted June 8 2001.
Sun-Sentinel
HAVANA · Comparing Cuban investment opportunities to a game of musical
chairs, Silicon Valley executive Donald Davis explained that he did not want "to
get caught without a seat when the music stops" and the trade embargo is
lifted.
That's why he decided to join a group of about 30 other executives from the
United States at the fifth annual U.S.-Cuba Business Summit, which started
Thursday in Havana.
The summit promised a two-day crash course in the Cuban economy, from
banking to tourism, for capitalists curious about what one of the last
strongholds of communism might have to offer.
The 40-year embargo bans most business transactions with Cuba. However, the
visiting executives consider the summit an investment for the future.
"We'd like to start the relationships now for when the situation
changes with Cuba," Davis said. Although his immediate interest was finding
ways to donate laptops and computer equipment to Cuba, Davis couldn't help
speculating on Cuba's high-tech potential.
"Cubans have a high educational level. They'd be great programmers, and
it's only 95 miles away so laying cable would be manageable," he said.
The conference is being held at the Havana Libre Hotel (formerly the Havana
Hilton), an ironic meeting place for U.S. investors considering it was one of
the first hotels to be expropriated and served briefly as Fidel Castro's
headquarters after the 1959 revolution. But history and politics were cast aside
on Thursday as Cuban officials from the trade, economics and foreign ministries
painted an optimistic view of the island's economic "transformations."
"There is no restriction in Cuba for American companies to invest here,
that's No. 1. We welcome anyone who has a business interest," said Ernesto
Senti, vice minister of foreign investment.
A report released in February by the U.S. International Trade Commission
found that if all sanctions were removed, U.S. exports to Cuba would be between
$658 million and $1.2 billion a year. Cuban exports to the United States would
be $69 million to $146 million a year.
Overall agricultural exports could reach $284 million a year, a fraction of
the $51 billion total U.S. agricultural exports.
Under a law passed last year, U.S. companies can sell food and medicine to
the Cuban government as long as the sales are not publicly or privately financed
in the United States. So far, the Cuban government has said it will not buy
under those circumstances.
Summit participants included representatives of Archer Daniels Midland Co.
and Wm. Wrigley Jr. Co., as well as smaller businesses.
Event organizers bypassed the embargo by having an Italian firm, Cristobal,
pay for the executives' stay in Havana. Each participant paid about $3,500 to
Cristobal. However, organizers said none of that money was used to foot the
expenses in Cuba.
Staff Writer Rafael Lorente contributed to this report.
Vanessa Bauzá can be reached at vmbauza1@yahoo.com
Copyright © 2001, South Florida Sun-Sentinel
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