AS/COA's Alana Tummino talked with American University Professor Philip Brenner and Knowledge@Wharton's Dan Loney about Cuban leader Fidel Castro's death and what it could mean for U.S. ties, as well as Cuba's economic outlook. The experts discussed changes on the island in the last decade, since Castro stepped down to make way for his brother Raúl, and how the country is opening up to foreign direct investment opportunities.
Tummino anticipates that Cuba may go through even more changes after Raúl Castro steps down from the presidency in 2018. Today, Cuba is trying to attract foreign direct investment for around 400 large, state-led projects to the tune of almost $10 billion. The election of Donald Trump in the United States could mean legal changes, but it would be hard to completely reverse the rapproachment.
“Legally, it is possible to turn back reforms given that they’ve been done under executive action," Tummino explained, "but in practicality we’re living in a much different world than we were a couple years ago and there are huge numbers of different actors from the United States that now have a stake in this continued engagement with Cuba from a commercial, political, Cuban-American, and people to people perspective.”
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