Wednesday, November 21, 2018

Invest Puerto Rico receives $2.8 million disbursement

By on November 8, 2018

SAN JUAN – Gov. Ricardo Rosselló Nevares announced a $2.8 million disbursement, the first by the Department of Economic Development and Commerce (DDEC) to Invest Puerto Rico (InvestPR) to continue attracting foreign capital to boost development and the creation of jobs.

“InvestPR is another tool we have to attract investment, generate jobs and continue the process of rebuilding a new Puerto Rico. We are very optimistic with this monetary support that will contribute to continue developing the organization,” the governor said in a release issued by his office.

“InvestPR continues to make giant leaps,” DDEC Secretary Manuel Laboy Rivera added, “to comply with the provisions of Act 13-2017, which created this organization, in order to promote new investment in the Island.”

The department will focus on collaborating with companies established on the island “to reaffirm their commitment through expansions, while encouraging the creation of new Puerto Rican companies,” the release reads.

InvestPR’s operations director, Ella Woger Nieves, explained that “with these funds, we will continue strengthening the organization” and launch it early next year “with the promotion of the island as an investment destination. Soon we will begin the search for the offices that will be the headquarters of InvestPR and the process of evaluating the candidates who will form part of this new entity’s team.”

Meetings are being held with business associations and other nonprofits to discuss and refine a strategic promotional plan.

“We are close to completing these meetings, which have been very positive and we will soon be publicly sharing our promotional plan,” Woger Nieves said.

Pridco Director Manuel Laboy (Screen capture of www.businessinpuertorico.com)

Laboy Rivera, who is also executive director of the Puerto Rico Industrial Development Co., added that the final disbursement for this fiscal year, $1.2 million, will be made in December.

“In addition to these state funds assigned for InvestPR are federal funds allocated as part of the Community Development Block Grant – Disaster Recovery [program] for marketing Puerto Rico as tourism and investment destination after hurricanes Irma and María,” Laboy recalled.

Invest Puerto Rico completes promotional plan

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