"Trade and investment between the U.S. and Cuba, which remains the only single-party system in the Western hemisphere, are likely to continue improving and this will drive increased trade and investment between the two countries," Diego Moya-Ocampos, senior Latin American analyst at IHS Country Risk, told CNBC on Friday.
"Nevertheless most of the sanctions that are still in place due to a U.S. embargo on Cuba will remain there and will constrain some aspects of these improved trade and investment conditions."
Cuba ranks 131st in the the U.S. Central Intelligence Agency's list of the world's richest countries in terms of gross domestic product (GDP) per capita (a measure of the size of a country's economy divided by the number of its inhabitants) . At $10,200, its GDP per capita puts it roughly on a par with its Caribbean neighbor, Jamaica.
The U.S. embargo has cost Cuba around $1.1 trillion, the United Nations said last year, citing the Cuba's foreign minister. For 23 years, the transnational organization has campaigned for the blockade to be lifted.
Moya-Ocampos added that reestablishing relations would allow the U.S. Departments of the Treasury and Commerce to license more economic activity with Cuba, framed as "humanitarian (assistance), as aid and as education."
Michael Henderson, principal Latin America analyst at Verisk Maplecroft, told CNBC that the commercial impact of the embassies reopening would be "fairly limited," but that nonetheless tourism and telecoms were likely beneficiaries.
"Cuba is already quite a well-established tourist destination. It has the supporting infrastructure in place, so as we see that with more and more Americans circumventing this travel ban that is a sector that could do quite well," he said on Monday.
Regarding the telecoms industry in Cuba, Henderson added: "Levels of penetration are quite low in things like Internet and mobile services, so really, there are some chances there to tap a market that at the moment is still very underdeveloped."