Government

InvestPR starts efforts to attract international investment to island

Invest Puerto Rico Inc., a nonprofit organization created under Act 13 -2017, has begun its mission of promoting Puerto Rico as a competitive jurisdiction to attract business investment to accelerate economic development and create well-paying jobs.

In addition to attracting investors, the company will provide services to new businesses to facilitate their establishment on the island and create links with local companies to acquire goods and services, in collaboration with the Department of Economic Development and Commerce and other government agencies.

“The launch of InvestPR is one of Gov. Ricardo Rossello’s initiatives and commitments to help generate sustainable economic growth as part of the Fiscal Plan,” Economic Development Secretary Manuel Laboy said.

“Structural reforms in the Fiscal Plan address the problems that have historically limited Puerto Rico’s competitiveness, making it more expensive for companies to invest and to grow on the island,” said Laboy, who chairs the InvestPR board.

“We’re focused on providing greater certainty to investors implementing the new Incentives Code, which will be one of InvestPR’s main tools to promote the island as an ideal investment destination,” Laboy added.

“We believe this new system to promote Puerto Rico will be much more effective than the current one,” said Laboy, who also heads the Puerto Rico Industrial Development Co.

In coming months, InvestPR will gradually assume marketing and promotion responsibilities that have been in the hands of Economic Development and PRIDCO to attract new businesses.

For example, contributing to promotion through businessinpuertorico.com and participating in foreign investment conferences. Meanwhile, the government will focus on strengthening services to existing businesses wishing to expand operations and on the creation of local businesses.

The InvestPR Board of Directors also announced the hiring of Ella Woger-Nieves as the organization’s director of operations. She brings to the post nearly 20 years of experience in marketing strategies and management consulting, working with Fortune 500 companies in sectors such as life sciences and financial services.

“Providing greater focus and continuity to Puerto Rico’s promotional efforts, InvestPR will maximize its potential as an investment destination,” Woger-Nieves said.

“Our intention is to make collaborative partnerships with other entities, associations, nonprofits and service providers from the private sector to leverage their networks and experience so we can accelerate and maximize the impact of our promotional initiatives,” she added.

Recently, InvestPR held the first meeting with representatives of Puerto Rican associations and organizations that from their sectors drive the island’s economic development, to include them in the dialogue and efforts to attract foreign investment to the island.

Among the invited organizations were: the Puerto Rico Manufacturers Association, the Puerto Rico Chamber of Commerce, the Pharmaceutical Industry Association, the Puerto Rico Builders Association, the Puerto Rico IT Cluster, Puerto Rico Products Association, the United Retailers Association, and Parallel 18.

“The intention is to seek synergies with multi-sectoral efforts to attract new businesses to the island, for which we’ve started discussions with these entities to identify opportunities for future collaboration,” Woger-Nieves added.

Comments (1)

  1. But the site is mostly in Spanish! Even when you click for English there are a couple things in r flush and the rest is in Spanish!
    To register the site is asking for an identification number but it is not giving the definition of what the identification number should be which is assumed then to be the social security number!? But if they are foreign investors, they would not have a social security number
    Also Puerto Rico withholds taxes on foreign entities doing business there – so what incentives do these foreign companies have to invest in PR? Could this be clarified?

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