Invest PR locked down $58M in committed investments, 3,500 jobs in ‘20
Invest Puerto Rico (InvestPR) provided an overview of its achievements in 2020, which included secured new business commitments including 3,500 new jobs, $58 million in capital investment, and an average payroll of $51,000 per job.
During a virtual presentation, the island’s official investment promotion organization shared the results presented in its annual report, detailing the main achievements for the 2019-2020 fiscal year.
Amid a 40% national and global contraction in equity investment due to COVID-19, InvestPR experienced a 30% increase in its portfolio of opportunities during the fourth quarter of fiscal 2019-2020, said InvestPR CEO Rodrick Miller.
These efforts set the stage for the creation of new jobs and future investments, especially in core sectors such as bioscience manufacturing, technology and innovation firms, and new air transshipment opportunities as a result of the waiver granted by the U.S. Department of Transportation, among others.
“The events that have transpired over the past 12 months have been unconventional. However, our results show an island rooted in resilience and an organization focused on its investment and job creation mandate,” he said.
“Puerto Rico and InvestPR have teamed up to overcome significant obstacles by harnessing the power of collaboration to shape a new narrative and reposition the island in the global economy,” said Miller.
The executive noted that InvestPR drew on a “vast network” of relationships and aggressively leveraged its resources to successfully refocus its promotional strategy and generate results for Puerto Rico.
“We have accomplished a lot as an organization, especially under the current circumstances. We have already begun to change the perception of Puerto Rico after the recent crises,” Miller added.
“The responses at the meetings and virtual events that we have participated in this year has been very receptive and of great interest. We recognize that there is much work to be done, yet we’re excited about the opportunities that lie ahead,” he said.
In the report, InvestPR outlined that it has a pipeline of prospects for Fiscal 2021 that includes representatives from: the aerospace/avionics and defense industry; agriculture, food and beverage and manufacturing; information, communication and technology; energy; and biosciences.
That represents a total of 50 companies that could generate $748 million in capital investments and create nearly 3,300 full-time jobs.
“The onset of the pandemic did not stop our promotional plan; it simply led us to turn around and double down on fulfilling our mission. This is an exciting time for InvestPR and for Puerto Rico,” Miller set.