LGC Capital gives podcast on how foreign investment could transform Cuba

Posted: 04-Oct-16 10:13

David Lenigas, CEO of LGC Capital, a company solely created for the investment of foreign capital in Cuba, says that further investment on the island could give way to major internal growth, transforming the island´s current shady area of advertising rights and propelling Cuban sports broadcast internationally. Lenigas ashed some light into which areas of the Cuban economy could directly benefit from such investments, which in turn could prove highly profitable for LGC at the same time.

LGC Capital gives podcast on how foreign investment could transform Cuba

LGC Capital, a Canadian company solely specialised in foreign investment for Cuban growth opportunities, is one of the few in the world of its kind to bring development to the island through a diverse array of foreign investors putting their money on key sectors of Cuba’s ailing (yet slowly growing) economy.

With Canadians having remained close to Cuba for decades, as the North American country has historically remained the number one source of tourism for the island (and unbeatably so) ever since the triumph of the revolution, there’s arguably few other countries with more knowledge and interest in Cuba.Therefore, with such strong sociological ties with Cuba (and Cubans) and such solid connections with virtually no limitations, it makes immense sense they would create a company to invest in the Caribbean destination of the moment.

During a recent podcast interview by James West for the Financial Post, LGC’s CEO, David Lenigas, shares his company’s plans for investment in Cuba, highlighting the main areas where they’re concentrating most of their capital at the moment and where future gold pots could be. Covering a wide variety of areas that also includes oil digging and hotel-building, the podcast enlightened listeners on some of their current key projects.

Two of the main areas, David Lenigas is excited on is the development of advertising rights as well as an international sports broadcast for Canadian viewers, who he says would be interested in watching not just Cuban baseball, but also Cuba’s developing football, still in its early stages but drawing more interest nationwide than ever. As Lenigas, revealed:

“This week we announced, I think it’s a ground-breaking deal, and potentially one of the biggest things that LGC could be involved with in Cuba for many years is to work with the Cubans in the commercial arm of their television networks to send Cuban sport around the world.”

Speaking on how the global sporting advertising market is around US$70 billion a year, and how Cuba hasn’t been benefitting from it despite having a great sporting heritage to export he added:

“There have been unscrupulous networks around the world that have been live-streaming Cuban events from time to time and giving nothing back to the Cubans.”

David and his company’s plans are to forever change that through this new deal, he believes could have an enormous impact on Cuba’s economy, both culturally and sportswise.

When asked whether Cuba was on the verge of an economic renaissance, Lenigas´ response was that the renaissance had already been kick-started a year ago, with growing foreign investments, particularly China, who he revealed had invested massively in areas like tourism and gastronomy, particularly with the projected building and improvement of theme parks as well as new luxury hotels. But beyond that, Chinese and European foreign investors mainly, are giving a whole make-up overhaul to the capital.

“The Chinese are putting optic fibre broadband through Old Town Havana at the moment. The buildings are getting painted. Every time you drive down the main street, or any sort of side streets in Havana, buildings are being refurbished. There are some stunning restaurants, some stunning buildings. It’s changing in front of your eyes.”

Answering the burning questions on whether there´s U.S. money behind it and whether the transformation could be U.S. backed he revealed that:

“Americans aren’t having much to do with it, but I’m seeing a real push from the Canadians back into Cuba now as well.”

Finally, giving thought to the backwards and outdated idea that Cubans are stuck in the 1950s, he reminds that Cubans may need help with infrastructure and technology but they’re already well-trained and highly educated to deal with the prospect of new advertising campaigns and high quality sports broadcast.

Getting back to the new hotels popping up in Havana, a major necessity given the lack of rooms to meet with the growing demands, he said that right now there are four to five five-star hotels under construction in the capital, with the first one of these being the new Kempinski on Manzana de Gomez. He dubbed it as “serious five-star” luxury and crossed his fingers it’d be ready in three to four months. We can hardly wait.


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