The Committee on Collaborative Economics met recently to discuss pressing issues that will give continuity to the work underway to create a procedural framework that enhances the development of this economic sector quickly, consistently and in a transparent manner, Economic Development and Commerce Secretary Manuel Laboy announced.
“It is expected that by 2025 the collaborative economy will represent about $335 billion annually in global revenue, so we have to continue implementing public policy to balance the public interest and encourage new economic activity, while protecting industries that are properly established and regulated. That way, we give space to developing new markets,” said Laboy.
This committee is established after the signing last summer to establish the Shared Economy Public Policy Development Act. This committee will be responsible for advising the Department of Economic Development and Commerce in the assessment, development and implementation of regulations for the Collaborative Economy, as well as compliance with regulations and the objectives of the law.
Laboy, who chairs the committee, said among the advantages of Collaborative Economics are generating income, creating jobs, stimulating innovation, maximizing existing resources, eliminating intermediaries and developing competition.
“This economic movement can develop in the areas of health, financial services, education and clothing, among others. During the meeting we discussed the evaluation of various issues such as the revision of regulations and laws governing short-term and transportation companies, income, among other issues,” Laboy said.
“Our goal is to regulate, audit, and evaluate the development of this modality and promote technology development through education and promotion so as to generate growth in this sector that will benefit industries and people evenly, so there’s a positive impact on Puerto Rico’s economic development,” Laboy said.
The Advisory Committee is composed, as provided by law, by the secretary of the Department of Economic Development and Commerce, the secretary of the Department of Consumer Affairs, the secretary of the Department of Labor and Human Resources, the secretary of the State Department, the director of the Municipal Office of the Office of Management and Budget, and the Chief Innovation Officer or another person designated by the governor of Puerto Rico.