Wednesday, November 21, 2018

Invest Puerto Rico completes promotional plan

By on October 24, 2018

SAN JUAN – In its objective of attracting new foreign investment to the island, the Invest Puerto Rico board announced Wednesday that it has completed the development of its strategic promotional plan for the island and is holding meetings with executives from the business and public sectors to hear their impressions on the effort.

InvestPR is a nonprofit investment organization created by Act 13-2017 to promote Puerto Rico as a competitive investment jurisdiction to attract new business to drive economic development and create jobs on the island. The entity also provides services to help businesses establish themselves on the island and connect them with local companies to acquire goods and services, in collaboration with the Department of Economic Development & Commerce and other government agencies.

InvestPR Operations Director Ella Woger Nieves explained that “the objective of this plan is to create visibility abroad of Puerto Rico as a competitive investment destination, in a focused manner and through effective promotional channels in order to generate business opportunities in sectors where Puerto Rico is better positioned to attract investment. We are currently sharing our vision and plans with entities and business groups that are an essential support in our duty to expand investment markets to obtain their input and integrate recommendations.”

Among these entities are Discover Puerto Rico, the island’s destination marketing organization (DMO); the Office of Innovation and Technology of Puerto Rico (PRITS); the Office of the Chief Investment Officer (CIO); the Puerto Rico IT Cluster (PRITC); the Puerto Rico Chamber of Commerce (CCPR); Parallel 18, the Homebuilders Association of Puerto Rico (ACPR); the Pharmaceutical Association of Puerto Rico (PIA); the Puerto Rico Manufacturers Association (PRMA); and the Puerto Rico Products Association (APPR).

She said InvestPR seeks to cooperate with these sectors to attract new business opportunities and that once the meetings with those entities have been held, its 11-person board, which has three members representing the public sector and eight members from the private sector, will formally present the promotional plan.

InvestPR’s board met recently with Gov. Ricardo Rosselló Nevares and presented the strategic plan. During the meeting, they discussed investment opportunities, the strategies to foster interest in investing in the island and the reforms needed to continue strengthening the business environment.

“Puerto Rico offers a number of reasons that make it the ideal place to invest, among which are that we have the stability of a jurisdiction of the United States and a range of incentives that benefit the people of Puerto Rico and investors. The intention of the promotion plan is to leverage the strengths Puerto Rico has to fulfill our mandate to be a key player in the economic development of the island,” Woger Nieves said in a statement.

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