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Cuba seeks foreign investment, thumbing nose at US sanctions

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Cuba hosted a business fair with over 800 companies from more than 60 countries on Monday as it lobbied for new investments, thumbing its nose at U.S. sanctions that have long spooked foreign companies from engaging with the communist-run island.

Cuba blames the Cold War-era U.S. trade embargo and the COVID pandemic for crippling tourism and domestic industry, wiping out the cash it needs to import basic goods and making foreign investment ever more important.

Cuban president Miguel Diaz-Canel told attendees "massive" participation at the fair this year was proof of business confidence in Cuba. Jay Brickman, a vice president at the Crowley shipping and logistics company, said emphasis on private business marked a major shift.

 

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