Cuba container port now open
I previously mentioned that Cuba, with help from Brazil, was opening a huge container port and free trade zone. Well, it is now officially open.
From a Reuters Article,
Cuba on Monday inaugurated a $957 million port billed as the most modern in Latin America and crucial to the economic future of the communist-ruled island in a project financed by Brazil and equipped for ships passing through an expanded Panama Canal.
It sounds like Brazil is betting on the port for its own cargo. Lots of name brand products from Bosch to Stihl to Volkswagen are now manufactured in Brazil. Having a container port with labor at reasonable prices could lower the price of said products for the rest of Latin America.
Much like the proposed Nicaragua canal, this port could cause significant changes in shipping routes and add Cuba to the list of added value zones (like Nicaragua's free trade zones).