In September, the Caribbean island authorized small and medium enterprises to operate in the country, following decades of strict prohibition since the full nationalization of the economy in 1968. It is also readying its crucial tourism sector for the reopening of borders on November 15.
The new business opportunities come after one of the worst economic crises in the nation’s history, in response to which it unified its dual exchange rates on the first day of the year, effectively devaluing the currency. Nascent local entrepreneurs want to take full advantage of the opportunities, but they claim that U.S. foreign policy is getting in the way, and are lobbying the Joe Biden administration to lift sanctions imposed under his predecessor Donald Trump.
In addition, the November 15 reopening is expected to be accompanied by a new round of street protests against the communist regime, after facing the biggest uprisings since the fall of the USSR in July this year. The government blames the U.S. for promoting the unrest, adding to the diplomatic complexity of the situation.
This week, 250 companies and entrepreneurs collectively petitioned Mr. Biden for a return to the policies seen under Barack Obama, under which both countries launched a process to normalize their 60-year conflictual relationship, with mediation by the Vatican.
The Obama administration, with Mr. Biden as his vice-president, removed Cuba from its State Sponsors of Terrorism list, re-opened...