Hopeful watching towards an environment
As the United States takes steps to normalize relations with Cuba, South Florida businesses centered on banking, shipping, trade, telecommunications and travel are positioned to reap benefits — over time.
“The immediate implications aren’t anything other than just hopeful watching towards an environment that ultimately becomes a democratic transition,” said Adolfo Henriques, chairman and chief executive of Gibraltar Private Bank & Trust, based in Coral Gables. “It’s going to take awhile before the actual requirements, opportunities and so on develop and materialize. It’s not anything that will develop overnight.”
Following a prisoner exchange that brought two long-jailed Americans home, President Barack Obama announced Wednesday a major shift in U.S.-Cuba policy that includes establishing diplomatic relations, allowing U.S. financial institutions to open accounts with Cuban banks, boosting U.S. export capabilities and easing travel restrictions.
Obama’s announcement alone won’t enhance economic relations broken 54 years ago. Regulations related to the policy changes are likely months away, and congressionally mandated economic sanctions against Cuba remain in place.
Said Barry E. Johnson, president and CEO of the Greater Miami Chamber of Commerce, “It is premature to comment on the effects of this announcement. As with all significant and monumental proclamations, the devil is in details.”
In Miami, the embargo was a hot-button topic among many business executives Wednesday, who declined to comment on the changes or their possible impacts. Still, impact on South Florida’s business landscape is inevitable given the proximity and cultural ties. “There’s a whole slew of opportunity there,” said Milton Vescovacci, an attorney and shareholder at GrayRobinson in Miami, citing financial services and travel.