During his participation during the last day of the Puerto Rico Manufacturers Association’s 83rd annual convention Saturday, Gov. Luis Fortuño signed an executive order to create an advisory council on manufacturing issues, that will have participation from the public and private sectors.
The council will provide its input to develop programs and strategies on: improving Puerto Rico’s competitiveness in the manufacturing sector; reducing or eliminating obstacles that prevent the entry of new types of manufacturing industries; promoting the transition into a knowledge-based economy; attracting companies engaged in manufacturing high-value products and those based on research and development and high technology; reducing operational costs in this sector; and promoting the manufacturing sector’s expansion and development.
“Our goal is to promote Puerto Rican industry to ensure that we continue to strengthen our competitiveness and economic growth,” Fortuño told manufacturers. “I’m confident the advisory council will facilitate dialogue and collaboration between the public and private sectors so that together we can spur growth and competitive development of the manufacturing industry, the backbone of our economy.”
Fortuño and convention participants held an open dialogue about the strenghts and challenges that Puerto Rico’s manufacturing industry faces.
One of those challenges is the effects of the six-month-old Law 154 that levies a temporary tax on manufacturing companies. So far, companies have paid more than $407 million to the Treasury Department this year.