U.S. Under Secretary of Commerce for International Trade Stefan Selig says the State Department is working to remove Cuba from the terrorism watch list as the Obama administration works toward normalizing relations with the island nation. Selig, speaking at the Cuba Opportunity Investment Summit in New York, said right now, ‘the biggest hurdle to normalizing relations with Cuba is the trade embargo. The president has called on Congress to lift it.’ But, even if those two roadblocks are removed, Selig said the immediate opportunities for U.S. business is ‘quite limited.’ Selig points to the country’s population; at 11.5 million, it’s about the size of Ohio and worker salaries average about $20 a month. Selig said, ‘The president is taking the first step to normalize diplomatic relations to empower the Cuban people and to hopefully bring them increased prosperity and freedom in the future.’ TheStreet’s Rhonda Schaffler has details from the Nasdaq Marketsite.
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