Wealthy Cuban Americans prepare business plans for a post-regime Cuba

Cuban-American entrepreneurs in Miami are drawing up plans to operate in Cuba if the island’s current government falls. The plans were discussed at the fourth meeting of the newly created Cuban-American National Chamber of Commerce (CANCC).

CANCC president Juan Omar Sixto said members wanted to be ready to do business in Cuba immediately after a change of power. The organisation has drafted a proposal for a Cuban Stock Exchange and formed committees covering energy, food security and infrastructure.

Plans depend on political change

Sixto, a real-estate developer who left Cuba as a teenager, said the Trump administration’s policy could accelerate a major transition. He also said CANCC had contacts with people close to US Secretary of State Marco Rubio.

Those attending dismissed the 176 economic liberalisation measures recently announced by Cuba’s government as insufficient for investors. Sixto said the organisation would not invest while the current regime remained in place.

Investors seek property settlements

The ownership of property nationalised after the revolution is a central issue for Cuban-American groups. Sixto said his family lost five properties and a farm in Pinar del Río province and would seek restitution or compensation.

Nicolás Gutiérrez, president of the National Association of Sugar Mill Owners of Cuba, said former industrial lands could be used for sugar, ethanol, solar power or water purification.

Analysts question an imminent transition

University of Miami historian Mike Bustamante said expectations of a rapid political transition had been pushed back. He said approaching US midterm elections and the Iran war reduced the administration’s appetite for further foreign operations.

Cuba’s situation has worsened since its oil supply was effectively cut off in January. Bustamante said the sanctions had not yet created the conditions for a political turning point.

Within hours of the CANCC gathering, Cuba experienced its sixth nationwide blackout of the year. Rebuilding the electricity grid is estimated in the report at $8bn-$10bn (£6bn-£7.5bn), while residents continue to face shortages of food, water, fuel and medicines.