WASHINGTON (Pakistan Point News / Sputnik - 03rd November, 2020) US investors with an eye on Cuba's market hope for a change of power in Washington following the November 3 vote, since Joe Biden is likely to opt for the Obama-era reset in relations with the Caribbean island nation, Kyle Shostak, director of Navigator Principal Investors, told Sputnik.
"The Cuban case will actually be very dependent on the outcome of the US election," Shostak stated. "No significant investment can be expected shall Trump keep the job."
Shostak pointed out, however, that under the democrats, the US-Cuba relations may see a reset to where former President Barack Obama wanted them to be, and in that case the economic embargo may be eased.
"The country may see a much-needed capital from quite a few US companies, ranging from agriculture and consumer goods to logistics, tourism and transportation, who were willing to enter the Cuban market several years ago," the investor explained.
Following the victory of the Cuban revolutionaries over the US-backed regime, Washington severed diplomatic ties with Cuba and imposed a trade embargo on the country in the 1960s. Washington and Havana expressed their intention to start working on normalizing bilateral relations only in 2014. As a result, many restrictions on exchanges between the two countries were eased during Obama's presidency.
However, Trump toughened the policy once he took office in 2016, restricting travel, boosting the economic embargo and imposing sanctions on Raul Castro, Cuba's Communist Party leader, over alleged human rights violations and for supporting the Venezuelan leadership.�
