Cuba has been banned from trading with the United States for over half a century ago. This economic embargo has devastated Cuba, beginning since the early 1960’s. Several United States presidents have had different takes on the matter, some loosening the embargo whilst some making it more restricting. However, 55 years after, President Barack Obama has released an official statement, noting that, the US will normalize diplomatic relations with Cuba. It is therefore necessary to consider the effects of this ‘normalization’ on Caribbean nations. The lifting of the Cuban embargo has serious implications for the Caribbean such as an increase in trade among foreign nations and Cuba this resulting in a reduction in trade among other Caribbean nations;
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Cuba has highly educated workers that foreign investments are looking for. Caribbean Hotel and Tourism Association (2015) specified that what this means is that with the lifting of the Cuban embargo Caribbean nations are looking at a major competition on the market. Both the unused lands and educated workers would be ideal for multinational corporations looking to make their company grow. This would in turn cause distortion of investments in other Caribbean markets (Suchlicki, 2000). However, Tulchin & Serbín (1997) again argued that this interference in the Caribbean region could see more investors willing to capitalize within the region due to the curiosity of foreigners who wish to vacation in the Caribbean.
Ultimately, it can be said that the lifting of the Cuban embargo might have devastating effects on Caribbean nations. With the normalization of diplomatic ties between Cuban and the United States, one can see Cuba becoming a hub for economic growth whilst starving the other Caribbean islands. This embargo lifting would see a reduction in trade with Caribbean nations, also there would be a tourism decline in Caribbean countries and finally, there would be a plummeting of investments to Caribbean nations. As a result, Caribbean countries would be tremendously affected by the lifting of the Cuban
Cuba has highly educated workers that foreign investments are looking for. Caribbean Hotel and Tourism Association (2015) specified that what this means is that with the lifting of the Cuban embargo Caribbean nations are looking at a major competition on the market. Both the unused lands and educated workers would be ideal for multinational corporations looking to make their company grow. This would in turn cause distortion of investments in other Caribbean markets (Suchlicki, 2000). However, Tulchin & Serbín (1997) again argued that this interference in the Caribbean region could see more investors willing to capitalize within the region due to the curiosity of foreigners who wish to vacation in the Caribbean.
Ultimately, it can be said that the lifting of the Cuban embargo might have devastating effects on Caribbean nations. With the normalization of diplomatic ties between Cuban and the United States, one can see Cuba becoming a hub for economic growth whilst starving the other Caribbean islands. This embargo lifting would see a reduction in trade with Caribbean nations, also there would be a tourism decline in Caribbean countries and finally, there would be a plummeting of investments to Caribbean nations. As a result, Caribbean countries would be tremendously affected by the lifting of the Cuban