Triple Play is a weekly NJBIZ feature that asks top executives in New Jersey to talk about three things related to their industry.
Carlos Medina is the chairman of Hispanic Chamber of Commerce of New Jersey and president of Robinson Aerial Surveys.
We asked Carlos how Hispanic companies in New Jersey will be impacted by the change in relations with Cuba:
Because of the language and cultural connections with Cubans, the Hispanic Business community will have a distinct advantage over others. Remember, a business person traveling to Cuba must still do so under one of the 12 general licenses and for a “business or educational purpose.”
Some of the categories specifically mentioned in the regulations include travel services, global insurance policies, shipping, logistics, telecommunications and construction materials/tools. We are waiting to hear from the Cuban government on their interpretation of these and other categories.
A business should make sure their legal and business advisers are well versed on the regulations and reporting requirements. Equally important is that a New Jersey business seeking to enter into the Cuban market, as when entering any new market, familiarize themselves with the norms of doing business in Cuba.