Guillen sees a number of specific challenges that will face U.S. firms investing in Cuba. Castro’s post-revolution nationalization of Cuba’s assets resulted in seizure of property from U.S. companies, including Coca-Cola and Exxon, along with Americans’ vacation homes. The almost 6,000 property claims filed since the revolution, and others that may follow, represent a “huge issue” that could see U.S. firms sued over land they might buy, Guillen says. The country’s political situation is uncertain, as no one knows what will happen when the reclusive 88-year-old Castro and his 83-year-old brother Raul, who took over from him as president in 2008, are out of the picture, Guillen says. And while U.S. companies can learn from the experiences of European, Canadian, and Mexican firms that have been working in Cuba for years, those firms have a competitive advantage by virtue of their entrenchment in the country, Guillen says.
TOURISM: THE LOW-HANGING FRUIT
For U.S. companies, the tourism sector in Cuba dangles “the obvious low-hanging fruit.” Infrastructure work is another area of opportunity, and so is “anything to do with health care, biomedical, and biotechnology,” Guillen says. “Cuba trains tens of thousands of health care people per year.” Consumer goods represent another market area U.S. companies can target, Guillen says. “PepsiCo, or Coca-Cola, or Procter & Gamble . . . they will want to have a presence there.”
Guillen’s co-chair for the summit is Faquiry Diaz Cala, a venture capitalist and private equity investor, and CEO of Tres Mares Group, which invests in Latin America and the U.S.
Themes for the summit include:
• The view from the White House
• The state of Cuban investment opportunities
• Working with a mixed economy of private and state-owned enterprises
• Perspectives of the Cuban customer
• The legal framework governing Cuban relations and business relationships
• Spotlights on industry-specific opportunities: health care, financial services, infrastructure, and technology/media/telecommunications
• The Cuban workforce
Wharton is aiming the event at CEOs, CFOs, chief risk officers, company lawyers, company directors, and senior executives working in strategy, operations, business development, compliance, and international trade.
Participation costs $1,195 for registration by Jan. 31; the price climbs rather steeply after that deadline.
Summit organizers are planning another for Havana later in the year.
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