North Texans Hope Cuban Relations Boost Business
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NORTH TEXAS (CBSDFW.COM) - As American tourists rejoice in easier rules for traveling to Cuba, some business owners are hoping to benefit as well.
The new measures that take effect today will allow travel to Cuba for certain purposes, increase the amount of money people in the U.S. can send to Cuba, allow U.S. banks to open accounts with Cuban banks, allow the use of credit cards for Americans traveling there, allow limited importation of Cuban goods and more.
It would take an act of Congress to lift the embargo and totally normalize trade, but some business owners already find significance in the changes.
Certain ranchers, farmers and food processors are able to do some business with Cuba now, and many hope the door will open wider as a result.
Frank Walker runs his own company -- Walker LTD., out of McKinney.
Walker LTD. acts as a representative for approximately twelve manufacturers in the food service industry, including several companies from North Texas.
Frank Walker has taken trips to Cuba in the past, bringing Texas-made products to the decision-makers at popular hotels in Havana.
"They liked the products. We had follow up. We tried to negotiate on the prices, but we were stymied," says Walker.
It is his hope that doing business with Cuba will soon be easier -- less expensive and faster.
"The opportunity is unlimited down there. Granted there's only eleven million people but right now we don't have any of that to speak of," Walker said.
In Plano, Cindy Thomas is a public policy consultant for corporations and trade associations.
"We've got several grocery wholesalers in Texas who are positioned to ship from the Texas ports directly to Havana," said Thomas.
She sees today's changes as important in that it will increase the number of Americans traveling to Cuba and allow for direct relations between financial institutions.
"They've had to jump through so many hoops to buy our produce. It just makes everything easier and them much more receptive," said Thomas.
The Texas A&M Agricultural Economics department head, Dr. Parr Rosson, estimates annual Texas sales to Cuba to be around $8 million now. He sees a potential impact of $40 million.
Rosson estimates Texas could see an economic impact later this year; several companies, he says, are ready to jump into business.
Business owners, like Frank Walker, hope to be a part of that number in the future.
"This changes things now, we believe," said Walker.
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