Start of main content

Spanish companies worried about Trump's latest decision on Cuba

| News | Cuban Desk

Ignacio Aparicio comments on the U.S. decision to lift the suspension of Title III of the Helms Burton Act in an article published by the newspaper Las Provincias.

Donald Trump's government's decision to harm foreign investment in Cuba exposes the interests of the European Union, a world leader in investment on the island, with Spain as its most prominent player. For the Cuban economy, foreign investors are key. In 2017 it attracted some 2 billion dollars (1,770 billion euros), a significant but insufficient amount compared to the 5 billion dollars (4,4 billion euros) a year that the government of Havana would need to stimulate a period that is once again difficult.

Although there are no Valencian companies directly linked to the list of the Cuban commission of litigation of foreign claims, the truth is that various businessmen are contacting specialized firms to clarify the origin of their assets, as Andersen partner and director of the Cuban Desk, Ignacio Aparicio warned. "Trump is not someone who takes a step back and this escalation seeks to discourage investment," Aparicio points out, who recommends considering lobbying with the chambers of commerce, the Spanish government and the Valencian government to address the situation. According to the Association of Spanish Businessmen in Cuba (AEEC), more than 200 firms are prepared to overcome the tightening of the blockade. Many European companies feel protected in a way by operating in joint ventures with the Cuban government. And they do not lose sight of the antidote laws that Brussels has equipped itself with to combat the extraterritoriality of the US obsession with Cuba and its Latin American allies.

You could download the full article on this link.

End of main content