WASHINGTON: President Obama’s planned trip to Cuba in March may be a political breakthrough, but American business leaders are still waiting for a breakthrough on the economic front.

Eager to invest in the island nation, representatives of more than 300 companies have visited since Obama pledged to normalise US relations with the island nation 14 months ago.

Some firms have made progress. Last September, Verizon became the first US company to offer roaming wireless cellphone service in Cuba. On Tuesday, the United States and Cuba signed a deal that will open the door to dozens of daily commercial flights between the countries for the first time in more than five decades.

But in general, sealing deals in Cuba has proven difficult for American businesses.

Most US trade and financial restrictions are still in place. Moreover, the Cuban government has been bureaucratic and its leaders seem to be ambivalent about the wave of investment poised to crash onto its shores — and how that might affect its tightly controlled political system there.

“They’re wondering what the US intentions are and whether US policy is designed to help the Cuban people or whether it is something more like a Trojan horse,” said Cuban-born Carlos M. Gutierrez, co-chair of the business consulting firm Albright Stonebridge Group, who served as commerce secretary under President George W. Bush.

Now, US companies are hoping that Obama can pry open the door a little wider — and help lift some of the restrictions that are still in place.

Obama doesn’t need to make a direct appeal to Cuban leaders to ease the path for American companies. His presence will be enough.

“The president is the chief marketing officer of the United States,” said John S. Kavulich, president of the US-Cuba Trade and Economic Council.

“If he gets nothing more than time in front of the Cuban people, sample some food at a private restaurant, takes a walk, has meetings and leaves, that’s acceptable.”

Kavulich said, however, that the administration is looking for deals or preliminary agreements that can be announced while the president is there.

“It is working on behalf of US companies to try to get some visible projects announced,” he said.

One of the companies knocking on Havana’s door is Florida Produce of Hillsborough County, which has proposed setting up a warehouse in Cuba to sell US agricultural products there. But the company has been stuck in talks with the Cuban government, which wants to set up a joint venture.

Several major US hotel chains have been trying to win contracts to open up in Cuba, including Marriott, whose chief executive Arne Sorenson wrote in July last year that his company was “ready to get started right now.”

Bloomberg-The Washington Post Service

Published in Dawn, February 21st, 2016