After standing by Communist Cuba during its years of international isolation, Mexico hopes to take advantage of Havana’s thawing relations with the United States to become a leading business player on the island.
For the first time since Washington and Havana announced a historic rapprochement last December, Cuban President Raul Castro on Friday Nov. 6 visits Mexico, a country eager to stake its claim as Cuba’s principal bridge to Latin America.
Castro will meet his Mexican counterpart President Enrique Peña Nieto in the picturesque colonial-era city of Merida just a short flight from Cuba on the Yucatan peninsula.
Talks are expected to focus on business and migration after a recent jump in Cubans reaching Mexico – going in the opposite direction from Raul, Fidel Castro and Ernesto “Che” Guevara 59 years ago when they and their band of revolutionaries left the Mexican port of Tuxpan to oust Cuban dictator Fulgencio Batista.
Boasting that it is lining up more investment projects there than any other nation in Latin America, Mexico could reap major rewards from helping to reverse the effects of more than half a century of U.S. trade embargoes and animosity toward Cuba.
“Cuba needs lots of infrastructure: highway infrastructure, communications infrastructure, hydraulic infrastructure and there will be many opportunities for companies,” said Federico Martinez, president of Mexican construction firm Tradeco.
Spanish hotels and Brazilian conglomerate Odebrecht are among foreign players already in Cuba, but entrepreneurs like Martinez note that Mexico’s proximity and historic ties put them in a strong position to capitalize on new business.
International development loans to Cuba would likely set that in motion soon, Martinez added.
Mexican retailer and bottling company Femsa said in September it was considering expanding its business to Cuba and cement maker Cemex is making similar noises.
“Yes, we’re interested, but I think we’ll have to wait and see what the possibilities are,” Cemex Chief Executive Officer Fernando Gonzalez told reporters on Thursday evening.
Mexico’s richest businessman, telecoms tycoon Carlos Slim, has so far given little away on what plans he has for Cuba, where his flagship firm America Movil has a roaming agreement.
Yet despite possessing a fortune that has made him a symbol of the massive inequality in Mexico, Slim has been praised for his intelligence by Fidel Castro, who in 2010 announced the billionaire had given him a television.
Mindful of the socialist revolution that took control of the island just 140 miles (225 km) off Mexico’s Caribbean coast in 1959, Mexican leaders resisted U.S. pressure to break with Cuba throughout the biggest diplomatic freezes of the Cold War.
Under Pena Nieto, who in 2012 returned to power the party that ruled Mexico in the Cold War, the government has sought to revive past frayed ties, and in November 2013 said it would waive most of $487 million in debt Cuba owed it.
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