The Potential for U.S. Agriculture Investment in Cuba
Opportunities for Collaboration
The leader of an association of top U.S. state agriculture officials sees potential for collaboration and investment in Cuba’s emerging market. Ted McKinney, chief executive of the Association of State Departments of Agriculture, expressed interest in taking advantage of reforms underway in Cuba as a pathway toward greater collaboration.
Cuba’s Economic Crisis
Cuba is currently facing its worst economic crisis in decades, resulting in shortages and soaring prices for food, medicine, fuel, and other essentials. In response, the Communist-run country is slowly implementing market reforms to address the crisis.
Positive Signs of Change
Top farm officials from seven U.S. states recently visited Cuba and met with President Miguel Diaz-Canel. They observed positive changes, including the emergence of over 10,000 non-farm small and medium-sized businesses in the last two years, some of which are linked to farm supply and food processing.
Emerging Private Sector
Commissioners from different states noted the emergence of Cuba’s private sector and its potential for collaboration. They acknowledged the positive trend and viewed Cuba’s emerging private sector as interesting and exciting, particularly in the agricultural industry.
Foreign Investment in Agriculture
Cuba has opened its agricultural sector to foreign investment, with some investments already coming in from other countries. While no U.S. investment has been authorized to date, there is growing interest in exploring the market’s potential and reporting back to legislators and federal agencies.
McKinney emphasized that it is important to recognize the market potential and explore opportunities for collaboration without undermining the ongoing reforms in Cuba.
