Ongoing diplomatic talks with Cuba have stoked a global interest in trade with our neighbor to the South as decades-old embargoes have been relaxed to allow certain types of imports, exports and increased commerce.
The loosening of protocols started in December, when President Barack Obama first announced a thaw that lifted some trade as well as travel restrictions.
A January study by Pew Research Center shows that 63 percent of Americans support the president's move to re-establish ties with Cuba after more than 50 years.
On Feb. 12, a bipartisan group of senators introduced a bill to fully lift the trade embargo against Cuba, a primary legislative step toward Obama’s goal of normalizing relations with Havana, according to The Wall Street Journal.
Another round of diplomatic talks took place Feb. 28 in an effort to restore full diplomatic relations and move toward opening trade, a process that will likely take several years.
The country of 11.2 million people presents an especially enticing opportunity for those in the communications, construction and agriculture fields. Netflix is among the American companies that have indicated they're interested--the company announced it was expanding operations to Cuba in early February.
Cuba imports about 80 percent of its food, presenting a ripe opportunity for American farmers.
Despite the opening in trade, business in Cuba is expected to grow less than 3 percent in the next 12 months- the threshold which analysts say the country needs to meet to experience true continued growth.
For those interested in taking advantage of the business opportunity, a rundown of the facts:
Infographic by the team at Interpro
