By FRANK CALZON
The Greater Miami Chamber of Commerce holds its annual South Florida Economic Summit today. This is what businessmen should know about doing business with Cuba:
From a business perspective, commercially engaging with Havana is different than doing business in most countries. Until now the American companies that have exported hundreds of millions of dollars in products to the island have benefited from American restrictions that required a cash and carry basis for American exports to Cuba.
Those restrictions have saved U.S. taxpayers millions because Havana is well-known for not paying its bills.
In 1986, Cuba stopped paying principal and interest to the Paris Club, to whom it owed billions of dollars to governments, banks, and foreign companies. Since then, Havana has restructured some debt. Some creditors forgave part of it due to the regime’s near bankruptcy.