Wednesday, July 8, 2020

Puerto Rico gov’t to present ‘assets map’ at investment summit

By on August 9, 2017

SAN JUAN – Puerto Rico’s Economic Development and Commerce Department (DDEC by its Spanish initials) will present a map of the government’s assets during the Invest Puerto Rico Forum to be held Sept. 20 and 21 in Miramar’s Conventions Center.

Gov. Ricardo Rosselló made the announcement alongside Economic Development Secretary Manuel Laboy during a press conference Tuesday in La Fortaleza.

The asset map is a campaign promise Rosselló has announced for more than a year. The map is intended to point out, as he stated in the past, the geographical position, percentage of people with college degrees, the multiple academic institutions, the island’s relation to the United States, its climate, the quality and cost of healthcare services, its cultural heritage, capable workforce, real estate and infrastructure, among others.

Gov. Ricardo Rosselló and DDEC Secretary Manuel Laboy announced the first Invest Puerto Rico Forum, to be held late September. (Courtesy)

The summit’s goal is to present Puerto Rico as an ideal investment destination to some 500 investors, according to government estimates. During the event, the government will explain the permitting and labor reforms implemented thus far, as well as those it expects to carry out shortly such as tax and energy reform.

In times of fiscal austerity and economic crisis, the governor stressed that Puerto Rico remains an investment destination and that this is visible in the public policy he has implemented, which differs from that of previous years.

“[We must] let business owners and investors know that, contrary to the past, there is a marked difference in terms of revenue projections. We are being responsible, we aren’t over-promising. On the contrary, we are over-delivering,” the governor said.

During the summit, investors will be presented the laws and incentives they could benefit from on the island, among them, Acts 20, 22 and 73, which provide benefits for those exporting services, foreign investors in Puerto Rico, and innovative small and midsize businesses.

Laboy emphasized that an update will be provided about the available public-private partnership (P3) projects; the work carried out by the Destination Marketing Organization (DMO) and Enterprise Puerto Rico, which has been renamed Invest Puerto Rico; and the initiatives associated to the government’s creative industries.

The administration will also present the “opportunities” under the incentives program to attract investment, which offers corporations a 4% tax rate on net income, in sectors such as manufacturing, biotechnology, the pharmaceutical industry, tourism, exportation, insurance, financial and professional services, bio-agriculture, and tourism development, among others.

“We have established an economic development model based on the economy of knowledge and innovation, focused on the emerging industries of research and development, technology and exportation services, while looking to position Puerto Rico as a center for innovation and investment, and continuing to insert ourselves in the global economy. All of this, combined with a solid incentives offer, allows the island to compete with the largest global economies. The 1st Invest Puerto Rico Forum will serve as a platform to maximize these advantages for the benefit of our economy,” Rosselló stated

For his part, Laboy emphasized that on the first day of the summit, there will be a presentation of the government’s vision regarding the development of innovation-based industries, as well as the public policy to incentivize them.

“Puerto Rico offers unique advantages for companies and investors. We have an innovative business ecosystem and the most attractive tax incentives in the nation, world-class talent as acknowledged by leading global companies, modern and reliable infrastructure, and the operational stability of a federal jurisdiction,” he said added in a written statement later in the day.

On the second day of the event, there will be a panel discussion on the island’s economic situation, promotional initiatives and details on how to establish a business on the island.

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