Cuban-Americans Invest in Their Homeland
For years, Cuban-Americans living in the United States have been investing in their country of origin. Some invest small amounts in businesses like houses, bars, and restaurants, while others invest heavily in e-commerce ventures, even exporting cars to private individuals on the island. It is a risky business, with varying results.
Florida-Based Businessman, Hugo Cancio: A Success Story
Hugo Cancio, a Cuban-American businessman based in Florida, has made significant strides in business ventures with his company, Fuego Enterprises Inc. He received authorization from the Cuban government to sell his products on the island in hard currencies (dollars and euros) through his website, Katapulk. It is reported that he delivers up to a thousand meals and toiletries daily, and the company has been in business since 2020.
Relatives abroad can purchase food packages at high prices, and they are delivered by private drivers on the island. Cancio had over 100 drivers working for him on the island two years ago, and deliveries usually take 10 business days for Havana and 12 business days for other provinces. It is a profitable business, with olive oil, for example, costing over 10 dollars per liter, chicken breast over 15 dollars, and a kilo of grated Parmesan cheese nearly 26 dollars.
Cuban-American Businesses Expand to Export Cars to Cuba
Since April of this year, several Miami-based Cuban-American businesses, including Cancio’s, have expanded to export used cars, trailer trucks, and even small buses to private individuals in Cuba. These businessmen received a license from the United States government to start this venture. Additionally, they invest in other businesses on the island.
According to Mario Vallejo, a businessman who specializes in sending packages and cargo via sea from Miami to Cuba, “Cars can now be sent to Cuba from Miami…even small buses to business owners in Cuba.”
Investment in Cuba’s Hotels: The Future?
A recent report in the Diary of Cuba states that Cuban-American businessmen are interested in investing in hotels on the island. There is potential for progress, especially in the area of Cayo Santa María. The Turkish emporium of “Selectum Family Resort,” associated with “boricuas present plus the descendants of exiled Cubans,” already has two facilities on the island, in Cayo Santa María and Varadero.
These are just a few examples of successful business ventures by Cuban-Americans investing in their homeland. There are many more opportunities for ventures like these on the island.