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Dept. of Economic Development to promote P.R. as mega-yacht destination

Looking to diversify Puerto Rico’s economy, the Department of Economic Development and Commerce will promote and market the island as a mega-yacht destination, which has the potential to generate $61 million in revenue.

“Our mission is to implement and supervise the execution of Puerto Rico’s public policy on economic development in the various business sectors. The mega yacht industry represented a direct and indirect economic impact of $39 million from 2009 to the present, according to data provided by the U.S. Superyacht Association,” Economic Development Secretary Manuel Laboy said.

“Now we will promote this industry in five important events around the world, where meetings will be arranged with the main mega-yacht management houses, as well as with industry decision-makers to present the benefits and virtues the island offers related to tourism and incentives available from the government of Puerto Rico to do business, ” Laboy said.

Some of the events where Puerto Rico will be promoted include: the Monaco Yacht Show, one of the most important events of the mega yacht industry and in which the island has had no representation since 2016; the Antigua Charter Show and the Fort Lauderdale International Boat Show, among others, he said.

The government wants to put the island on the radar for visitors who own these types of vessels, who may come to Puerto Rico as tourists and contribute to the economy, Laboy said.

The government’s strategy is to “develop a stable and self-sustainable private economy,” and surpass the 327 mega yacht visits Puerto Rico gets to 500 visits, which would represent an economic impact during the four-year period of $61 million, according to data provided by the U.S. Superyacht Association, said Laboy.

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

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