Miami businessman Larry Nussbaum, drawing on his depth of trade law expertise, today announced that his firm, International Port Corp., has begun daily operations in Cuba, just 15 months after Obama’s overtures with Cuban leaders.
Nussbaum’s detailed knowledge of the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) positioned him to delve into Cuban-American business relations relatively smoothly, as OFAC, which previously oversaw the longtime embargo against that nation, now allows American entities licensed to conduct business in Cuba to have physical offices located there.
Consequently, International Port Corp. (IPC) now operates legally on the island with Havana offices and residences, bank accounts, lawfully hired Cuban personnel and legal representation, leased warehouse space and permission to operate any legal business approved by both nations.
IPC not only obtained the first humanitarian cargo vessel license from OFAC in the past 50 years, but it also became the first organization to be dually licensed by OFAC and the U.S. Department of Commerce for direct passenger ferry service between Cuba and Florida.
Nussbaum’s company is currently negotiating deals for products and services, with expectations of news in that sector in the coming months. IPC’s existing enterprises range from air and maritime cargo transport to e-commerce solutions, parcel deliveries and travel opportunities for groups and individuals.
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