Since President Obama’s announcement in December about efforts to improve U.S. relations with Cuba, a number of large U.S. companies are already going into the Cuban market to provide services. Which companies are providing services in Cuba? What can U.S. companies currently trade with Cuba.
In February, the internet movie and television streaming service Netflix announced that it began providing services in Cuba. Just last week, the online home-rental service Airbnb announced that U.S. travelers could start booking lodging in Cuba. Credit card provider MasterCard is also offering services in Cuba. As the Cuban market gradually opens up to U.S. businesses, some challenges and risks still exist. (See ‘Tripping Over Wires’: The Risks of Doing Business in Cuba and What You Should Know About Doing Business in Cuba for more on the opportunities and challenges.)
Nevertheless, Cuba is a small market that presents big opportunities for exporters, even though the U.S. embargo is still in place. U.S. companies are allowed to export the following goods and services to Cuba:
- Medicine and medical supplies;
- Agricultural equipment;
- Building material and tools for private sector use; and
- Telecommunication services, devices and equipment (click here to review additional policy changes regarding US-Cuba business relations).
Cuba presents an opportunity for U.S. businesses, large and small. However, as with any other market, it is important to take into account the realities of doing business in Cuba.
Check out my other related blog posts documenting US-Cuba trade relations and policy reforms over the last three years:
- Today’s Announcement on U.S.-Cuban Commercial Relations
- EU and Cuba Trade Talks: Why the US should pay attention
- Today Marks the Implementation of Significant Cuban Travel Policy Reform
- New Change in US Law Pertaining to Cuba
- The top question that I respond to regarding Cuba
- Cuban leader Raul Castro visits China and Vietnam: Are their economic models right for Cuba?
- Decade of Changes in U.S. Policy Toward Cuba Goes Unnoticed
- The Top Question that I Respond To Regarding Cuba
- What would you like on your food? Salt, butter… and taxes?
- Cuban Leader Raul Castro Visits China and Vietnam: Are their economic models right for Cuba?
- Raul Castro Visits Vietnam to Boost Ties and Observe a Mixed Economic Model