Why Is Cuba's Tourism Opening Up?

Why Is Cuba's Tourism Opening Up?

The historic handshake between Cuban leader Raul Castro and his US counter-part Barack Obama at Mandela’s funeral represented a shifting trend of openness between the two former foes. Within the past year Cuba’s travel & tourism attractiveness has drastically been enhanced by such events and is turning into a fashionable destination.

The budding US market

Timetric calculates that Cuba recorded a 33% increase in arrivals from the US in 2012. This is largely due to restrictions being lifted and great PR in the form of the hip-hop king and queen, Jay-Z and Beyonce, venturing to Cuba’s stunning shores for their wedding anniversary.

Built for the tourist trade

Even people who live in paradise have to work, and in Cuba they work in tourism. According to the latest figures, 10% of Cuba’s workforce is employed in its vital tourism industry.

Demonstrates why tourists are
flocking to Cuban shores

Such reliance has stimulated the government to open up and encourage capital investment across the sectors. One such example is the creation of a Special Economic Zone (SEZ) around the port of Mariel. This will entice foreign business as it will allow companies to transfer their profits without paying taxes.

Airlines flying high 

Cuba’s infrastructure is developing with demand. In order to deal with the larger influx of tourists, Cuban Minister of Foreign Trade and Foreign Investment signed a memorandum of understanding (MoU) with Brazil in 2012 to develop and modernize airport infrastructure. This deal is great news for airlines and reflects a growing bond between the two nations.

Making more room at the inn

Foreign investment is fuelling ambitious resorts plans. Cuba and China are collaborating to build The Luxe Havana Hotel Complex Development project by 2016. It will cost US$117 million, of which 51% is funded by Chinese capital and 49% by Cuban.  

With rewards of high employment rates and injections of foreign capital, Cuba is clearly opening up its borders to both tourists and international business. To make the most of the theses opportunities, Industry Report Store has provided you with the latest data and analysis for all of Cuba’s industries and tourists requirements, ranging from the airlines they use, to the cars they rent, to the hotels they stay in.

The reports go into granular detail to give you the ability to fully comprehend whether Cuba is the right direction for your business.

If you wish to know more about these reports, please click on the appropriate links below.    

Travel Intermediaries

Hotels

Airlines

Car Rental

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Gurveer Vasir
Marketing ExecutiveT: +44 (0) 203 220 0806
E: gurveer.vasir@uk.timetric.com
W: www.timetric.com