Investment group to evaluate potential opportunities in Cuba
Tuesday, November 21, 2006
MIAMI, USA: Hugo Cancio, President and CEO of Fuego Entertainment, Inc.,
a public media and entertainment company, has announced that he will
establish an exploratory group called the US-Cuban Investment Committee
to assist the reconstruction of his native country, Cuba, and in the
process, to play a key-role in its transformation to a free economy.
“Mixed with the exotic aroma of coffee and tobacco leaves, the Cuban
people can almost begin to feel the winds of freedom … freedom from its
failed political and economic system, and freedom from over 45 years of
an economic embargo imposed by the US government,” stated Cancio.
“Changes in Cuba are imminent. The inevitable death of Cuba’s President
Fidel Castro will propel my country into a new era … an era that could
bring political and economic transformations and an enormous amount of
foreign direct investment and prosperity to the Cuban national economy.
Cuba is already experiencing a soft and passive transition in its
government … one that will have no choice but to open its arms to the
world. I want to be there and help Cuba rebuild itself, brick by brick,
if necessary. It’s not only a genuine desire, it’s my obligation.”
For now, the US-Cuban Investment Committee will have 10 members, who are
professionals in business and finance and convene twice a month.
Eventually, the committee will explore the possibility of pooling
together its own private investment fund to provide financial capital
for Cuba’s economic growth. This “round-table” is meant to facilitate
positive relationships among Cuban-Americans, in the event that economic
and political reforms occur between the United States and Cuba.
“While American companies and investors are currently prohibited from
investing directly in Cuba, we hope to be ready to act once those
sanctions are lifted. Once the US embargo is lifted, the media and
telecommunications sectors are industries that we would like to lead in
the rebuilding of Cuba’s infrastructure,” stated Felix Danciu, President
and Founder of Olive Capital, LLC, an investment banking boutique based
in Las Vegas, Nevada, and member of the Board of Directors of Fuego
Entertainment, Inc. “We want to make sure we are not only a think-tank,
but that we are able to one day pursue potential investment
opportunities in Cuba.”
Based in Florida, the Committee is said to be a non-partisan
organisation committed to family values, democracy, and a free-market