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How Cuba could be an opportunity for one-time top trade partner Louisiana

How Cuba could be an opportunity for one-time top trade partner Louisiana
BY RICHARD THOMPSON| RTHOMPSON@THEADVOCATE.COM
June 22, 2016; 6:15 p.m.

More than a half-century ago, ferry-boats regularly brought tourists
from New Orleans to Cuba, separated by only 700 miles.

Now, with commercial air service expected to resume to the isolated
island nation amid normalizing U.S. relations, Louisiana could reap some
benefit from ramping up business with its onetime leading trade partner.
That’s according to a range of state leaders and experts in Cuba’s aging
infrastructure, culture and struggling economy, who spoke at a business
summit Wednesday at Gallier Hall.

“As we work together, it’s a two-way street,” said Louisiana
Commissioner of Agriculture and Forestry Mike Strain. “We have to work
to rebuild the relationships, and the greatest way to rebuild the
relationships is with trade.”

Potential reforms could help boost U.S. agricultural exports, including
chicken, rice and soybeans, he said. That could be big news for
companies like New Orleans Cold Storage, one of the largest suppliers of
beef, poultry and pork exports in the country.

“If you think about the potential, it’s incredible,” Strain said, “and
it’s amazing how fast things are moving.”

Cuba was Louisiana’s top trading partner before Fidel Castro seized
power in 1959.

Now, they remain trading partners in goods limited to agricultural and
humanitarian provisions.

“It’s in a unique position of becoming a major trade partner with the
United States,” said Teo Babun, CEO of BH Consultants, which provides
strategic services related to Cuba.

The summit was hosted by the Louisiana Alliance for Cuba, a statewide
business group that promotes trade between Louisiana businesses and Cuba.

Nearly two centuries after foreign investment began trickling in, Cuba’s
government is appealing for billions of dollars to update specific
development sectors, including agriculture, industrial, tourism, energy
and transportation.

Investing in Cuba has advantages, according to Eduardo Bencomo Zurdos, a
former president of the International Finance Bank of Cuba and former
president of CIMEX Corp., the largest Cuban corporate conglomerate.
Those include “wide possibilities in virtually all productive sectors,”
as well as a “privileged geographical location” and burgeoning tourism
destination and a rich, well-known culture.

But it’s going to be costly. “The infrastructure exists, but it needs a
lot of work, and it needs to be perfected for the purposes of what we’re
doing,” Babun said.

Cuba has 10 international airports; 38,000 miles of roads; 9,300 miles
of railroad; and 1,000 miles of expressway. For foreign investors,
potential opportunities may include expanding airport facilities and
terminals, upgrading communications and improving rail access to and
from Cuba’s ports.

But if the trade embargo is lifted, it’s going to be “slow-going”
initially for U.S. companies to gain market share, said Jamie Warshaw,
CEO of Farmers Rice Milling Co., which operates the largest rice mill in
Louisiana.

“When you lose a market, if you’re in the business of selling, not only
do you lose the customer but you lose the momentum,” he said.

Follow Richard Thompson on Twitter, @rthompsonMSY.

Source: How Cuba could be an opportunity for one-time top trade partner
Louisiana | The New Orleans Advocate — New Orleans, Louisiana –
www.theneworleansadvocate.com/news/16187673-148/how-cuba-could-be-an-opportunity-for-one-time-top-trade-partner-louisiana

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