Help Wanted: Cuba's government turns to growing diaspora for investment
Help Wanted: Cuba's government turns to growing diaspora for investment
Cuba wants to tap its fast-growing overseas population for fresh investment to lift its sinking economy as the communist-run nation looks to overcome its worst downturn in decades.
This is the best summary I could come up with:
Food, fuel and medicine shortages have pushed a record number of Cubans to leave their Caribbean island home in the past two years, sapping the nation of resources necessary to jump-start an economy already shackled by the pandemic and stiffened U.S. sanctions.
This migration wave includes many young people and "is having the greatest impact in history in terms of demographics, because of its composition," said Ernesto Soberon, director of Consular Affairs for the Cuban Foreign Ministry.
Soberon told Reuters in a wide-ranging interview in Havana on Monday that the exodus represents a loss but also an opportunity as the government seeks to revive the ailing economy.
The conference is expected to attract Cubans living off island but with favorable views of their home country, including businesspeople, economists, and members of foreign resident associations.
Some things, however, have not changed, said Soberon, who said the Cold War-era U.S. embargo has only stiffened over the years, with sanctions complicating the financial transfers needed to start and run a business.
The administration of U.S President Joe Biden has shown tepid support for small business on the island but says Cuba must improve its human rights record before it grants concessions.
The original article contains 516 words, the summary contains 198 words. Saved 62%. I'm a bot and I'm open source!
Will be interested to learn about the new generation of Cuban immigrations vs those of the past - most already in the US grew up with memories pre Castro, young ones now might be quite removed?