Thursday, October 22, 2020

Virtual business missions will be held in October to Grow exports to Latin America

By on September 24, 2020

(Screen capture of https://www.gao.gov)

Puerto Rico’s commerce department counting on initiative to foster opportunity  

SAN JUAN — To facilitate the inclusion of Puerto Rico products and services in the Latin American market, the first in a series of virtual business missions will be held in October, announced the secretary of the island’s Economic Development and Commerce Department, Manuel Laboy.

“Our business reality amid the Covid-19 pandemic prompted us to implement initiatives that bring value and growth to our small and medium[-sized] businesses,” Laboy said in his agency’s news release. “These virtual business missions offer local entrepreneurs the opportunity to establish contacts with potential customers through technology and without having to leave Puerto Rico. This way, entrepreneurs can maximize resources and continue to develop possible expansion [plans] in other markets. The virtual Latin America business mission will take place from Oct. 19 to Oct. 30.”

Participating companies will have an itinerary full of business appointments with other companies that represent potential business opportunities.

The Economic Development secretary noted that, “since 2017, and thanks to the federal STEP [State Trade Expansion Program] grant, some 27 business missions have been completed…reporting long-term projected sales of about $83.2 million.”

The purpose “of this initiative is to promote the export of products and or services of Puerto Rican companies to foster the development of more local companies that can create jobs and be competitive both at a local level and abroad,” the official added. “This project is part of the public policy of Gov. Wanda Vázquez’s administration, aimed at reviving and strengthening the economy.”

The virtual business agenda is part of the U.S. Small Business Administration’s STEP awards for state and territory governments that are “capable of providing assistance and guidance to eligible small business concerns to increase the number of such firms that export and the value of small business exports.”

The deadline to register is Oct. 7. For more information and to register, email promoexport@ddec.pr.gov