Articles Tagged with Foreign Investment

View_of_Havana_Cuba_25371249043-300x200Faced with an increasingly urgent economic situation, Cuba’s government estimates it will need to attract $2.5 billion in direct foreign investment per year to solve the crisis. At the same time, authorities have said only $600 million will enter the country this year.

Cuba’s need for foreign money is desperate. The tourist boom from the U.S., and the revenue it brought with it, is over. Aid from close ally Venezuela is drying up as that country plunges further into its own crises. Export revenues have dropped by over $4 billion in the last four years.
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Varadero_golf_courseIn the wake of the communist revolution, Cuba got rid of almost every golf course in the country. Today, however, the government is working with foreign companies to build at least 13 golf resorts. The plan is to develop Cuba as a golf destination for tourists. The government hopes to lure foreign visitors willing to spend freely and, in so doing, inject much-needed cash into Cuba’s troubled economy.

Golf was an important component of the tourism economy from the 1920s through to the late 1950s. Cuba’s courses were highly regarded. The Havana Open, held at the Biltmore Country Club, was an important stop on the LPGA’s Tour. At the same time, the Country Club of Havana played host to the PGA. In the 1950s, Arnold Palmer, Patty Berg, and other golfing greats played at these two clubs. Continue reading