International Practice Chair Pedro Freyre was recently quoted in a Miami Herald article discussing Cuba's crushing recession and the efforts that the island is making to revive its economy. Cuba is expanding the ways private enterprises can operate. This latest measure, an authorization in principle for small and medium enterprises to expand and operate in several sectors, could create a more fertile environment for investment and stimulate momentum for engagement with the United States. The initiative is creating some hope for economic growth.
"'That’s the sort of foundation for an economic takeoff for private enterprises in Cuba,' said Pedro Freyre, a Cuban American lawyer with Akerman LLP who advises companies doing business in the island. 'These are the basis for entrepreneurial activity: You got to be able to form a company, to raise capital, protect yourself against liability and be able to sell shares.'"