District, Virginia eyeing economic opportunities in Cuba

The District and Virginia hope to capitalize on relaxed travel and business restrictions with Cuba.

Virginia Gov. Terry McAuliffe plans to lead a trade mission to Cuba Jan. 1, the governor said at the first Capital Region Business Forum at the Hilton in Tysons Tuesday.

Besides having great cigars, there are opportunities for Virginia to increase its exports to Cuba as trade restrictions loosen, the Democratic governor said.

“We have made it very tough for Cuba. They can’t borrow money or go to big lenders. Those rules are being eased now so I see this as a tremendous opportunity to get us back where we need to be,” McAuliffe said.

He said his goal is to make Virginia the top exporter of agricultural products to Cuba, naming apples and soybeans as export items with potential. The state has been able to export certain items to Cuba under a program that allows the export of humanitarian goods.

In July, President Barack Obama reopened the U.S. embassy in Cuba and in September announced the relaxation of certain travel, commerce and investment restrictions. Obama also pressed Congress to end the longtime embargo against the island nation.

D.C. Mayor Muriel Bowser also expressed interest in a trade mission to Cuba. She met with Cuba’s ambassador to the U.S. Jose Cabanas on Monday, and told the Washington Business Journal that her team is also working on a trade mission to Cuba.

“I think opportunities abound in Cuba but we need to spend some time working on what that looks like,” said Bowser, who was also a featured guest at the Capital Region Business Forum.

Jim Dinegar, the CEO of the Greater Washington Board of Trade — which organized the event alongside the Fairfax County Chamber of Commerce and the Prince George’s Chamber of Commerce — said tourism is one area where the region can benefit from increased trade and travel with Cuba.

Other areas, however, might require more study, as well as a cooperative approach on a regional strategy.

“I think we should do it jointly otherwise we are swamping them when it comes to three different delegation going to Cuba. Let's do it together,” Dinegar said.

Organizations across Greater Washington have long pushed for more cooperation among local and state governments to boost economic development. Several organizations are trying to develop a regional export plan with the help of the Brookings Institution's Global Cities Initiative.