Located in the northern Caribbean, and 90 miles off the coast of Key West Florida, Cuba is the largest Caribbean island nation.
In the late nineties, Cuba introduced a series of market reforms – legalising the dollar, allowing foreigners to invest in the country and allowing self-employment in a limited number of industries. Importantly, Cuba began to invest in its tourist industry – and this has driven growth in the country’s economy.
Currently 76% of the Cuban workforce is employed in the state sector. This represents progress from around 90% in 1990 – and is evidence of a cautious advance toward a more open economy. The remaining 24% are almost all self-employed.
Historically, the health of Cuba’s economy has been tied to the international sugar trade. Key areas of industry include nickel and tobacco. Tourism remains a more stable sector of the economy, less susceptible to market swings, given that climate and beaches are more or less permanently attractive to consumers.
The Netherlands receives around 24% of Cuban exports. The country’s primary source of imports is Venezuela. Other key partners include Canada and China.
With one of the leading audit and consulting firms in Cuba, HLB is ready to serve clients as they look to invest in this emerging economy.
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