By Nick Labadie | Rose Law Group Senior Planner
(Editor’s note: Opinion pieces are published for discussions purposes only.)
Ever since Fidel Castro stepped down, things have been changing with Cuba, and in my opinion, the speed at which they change will only increase over time. This week’s announcements by the president and the mutual release of prisoners has the media firing on all engines, which is sure to die down as soon as the next sensational news item comes along. But I’ve said it before and I’ll say it again here: Keep your eye on Cuba. In our lifetime, and much sooner than later, there will be bustling economic activity between Cuba and the U.S.
This won’t be just another banana republic as things begin to open up. Any place with a natural beauty such as Cuba’s will be a huge tourist destination, and an easing of travel restrictions will, of course, be a boon to that industry, but lifting of those restrictions will also be precursors to Congress loosening economic sanctions against the island nation which, in turn, will create enormous opportunities. Other obvious first-in industries will be the energy, mineral, and agriculture folks, but they won’t be the only ones who find success. With a population that has a deep unique culture but is also anxious to welcome American products, luxuries, and certain ways of life, there will be plenty of room for retailers, real estate developers, renewable energy providers, and online service providers to flourish.
Cuba will be waking up from a nap that started in the 1960s, hungry for modernization without living through the progression the rest of us went through to get where we are today. Consumers in Cuba will have entirely different expectations, be open to things today’s American consumer has been jaded to and consider many of the practices we take for granted as deal-breakers. The hard part will, of course, be navigating those differences. For those companies and entrepreneurs willing to blaze a trail, there will be many successes, failures, adventures, and vast fortunes to be had.
I am very excited about it.
Related: Arizona Senator Flake plays big part in American’s release from Cuba
