The Barack Obama administration has approved the first U.S. factory in Cuba in more than half a century. The approval will allow a two-man company from Alabama to build a plant assembling as many as 1,000 small tractors a year for sale to private farmers in Cuba.
The U.S. Treasury Department last week notified partners Horace Clemmons and Saul Berenthal that they can legally build tractors and other heavy equipment in a special economic zone started by the Cuban government to attract foreign investment.
Cuban officials already have publicly endorsed the project. The partners said they expect to be building tractors in Cuba by the first quarter of 2017 at the latest.