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COR3 to support medical device, tourism sectors attract investment

As a result of a series of roundtables headed by the Central Office of Recovery, Reconstruction and Resiliency (COR3), its Executive Director Manuel Laboy signed two collaborative agreements with the medical devices and tourism sectors to provide data that allow the development of strategic marketing plans that promote investment in the island.

“The reconstruction process will modernize our road, electrical, maritime, air and recreational infrastructure, among other core changes to promote Puerto Rico’s economic development,” Laboy said.

“Through these collaborative agreements, we’ll provide the necessary information so that the organizations that have the task of attracting investment to the island can develop promotion plans showing the progress of the reconstruction works and the valuable contribution they represent to strengthen the island’s business environment,” Laboy said.

The first collaborative agreement is among COR3, the Department of Economic Development and Commerce (DDEC, in Spanish), InvestPR and the Medical Devices Cluster, which groups companies included in this sector in Puerto Rico. As part of the efforts, the government entities and organizations will meet to begin exchanging information that will allow them to execute their respective action plans, Laboy said.

Puerto Rico is host to some 30 medical device companies, including a dozen of the most recognized worldwide. Through this agreement, investors will learn how reconstruction projects will make their operations more resilient, government officials said.

“Being able to connect reconstruction investments to the environment of our existing and future medical device operations and our suppliers is essential when it comes to articulating the value proposition of doing business in Puerto Rico,” said Iliette Frontera, president of the Medical Devices Cluster.

“Understanding the concurrent reconstruction efforts gives us the opportunity to integrate and collaborate by outlining a strategic plan through which we accelerate efforts and in turn strengthen our ecosystem in essential areas such as infrastructure,” she said.

Meanwhile, InvestPR CEO Rodrick Miller, said, “we’re experiencing a historical moment of socioeconomic transformation never seen before in Puerto Rico. InvestPR’s core mission is to achieve the island’s potential as an investment destination, but it’s a task that cannot be achieved alone.”

“For us it’s a vital part of our mission to be part of collaborations like this one, which pursue the reconstruction of key infrastructure for economic development. We’re in the best disposition to work together and accelerate the common objectives,” Miller said.

Tourism gaining momentum
Tourism in Puerto Rico has “boomed” in recent months as a sign of recovery after the crisis generated by the spread of COVID-19.

Considering this factor and the opportunities that reconstruction projects represent to support the development of the tourism sector, COR3 signed a collaborative agreement with Discover Puerto Rico and the Foundation for Puerto Rico.

In this case, several areas of tourist interest will be identified throughout the island to prepare a detailed plan that shows how reconstruction projects in municipalities, government agencies and nonprofit institutions will attract the interest of visitors, as well as investors, representatives from the organizations said.

“The improvements to the infrastructure affected by the recent disasters will bring great benefit to our residents and will optimize the experience of the visitors, who this year have returned to the island in what is shaping up to be a historic recovery for the tourism industry,” Discover Puerto Rico CEO Brad Dean said.

“The agreement with COR3 will allow us to market Puerto Rico’s renewed infrastructure among our visitors and future travelers,” he said.

“The achievements of the reconstruction will be an advantage in the marketing of Puerto Rico as a renewed destination for business and leisure tourism,” said Dean.

Meanwhile, Foundation for Puerto Rico CEO Jon Borschow said, “from the experience we have acquired in our organization, leading, and participating in the revitalization of assets in several sectors of the island, we can attest to the immediate effect that the reconstruction of tourist attractions has on the economic development of the communities.”

He mentioned as an example the revitalization of the Túnel de Guajataca in Quebradillas, which had been abandoned since Hurricane María in 2017, and now through a collaborative agreement with the community, 28 businesses have opened on the premises, attracting hundreds of visitors to the facilities.

“With this collaborative agreement among COR3, Discover Puerto Rico and the Foundation for Puerto Rico, we hope to be able to create more spaces so that there are more tourist destinations on our island each day,” Borschow said.

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This story was written by our staff based on a press release.

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