A group of prominent Cuban-American business leaders in Miami is actively planning for a post-socialist Cuba, with the recent formation of the Cuban-American National Chamber of Commerce. This organization aims to gather 100 wealthy Cuban-American families, whose combined net worth could reach an estimated $200 billion, to invest in and rebuild the island nation once political change occurs. The Chamber, led by businessman Juan Omar Sixto, envisions a comprehensive reconstruction effort that includes modernizing banking structures, establishing a stock exchange, and developing essential infrastructure like food, water, and electricity services.
The group's work plan for the next three years focuses on attracting international capital and educating Cubans on the island about financial markets. Joseph Hernández, head of the Chamber's financial section, plans to leverage his Wall Street experience to create the Havana Stock Exchange and Commodities Exchange. The Chamber also intends to promote financial literacy, establish an institute for stockbrokers in Cuba, and facilitate educational exchanges with U.S. universities for patent acquisition.
These entrepreneurs emphasize that their investment efforts are contingent on significant political change and democratic governance in Cuba, with legal guarantees for private enterprise and property rights being paramount. They reject the Cuban government's current proposals for foreign investment by Cuban exiles without these fundamental changes. While some analysts caution about "exaggerated expectations" regarding rapid change, these Cuban-American business leaders are moving forward with detailed plans, including presenting their investment proposals to the U.S. Treasury and State Departments.
