The National Minority Supplier Development Council (NMSDC) and the Puerto Rico Minority Supplier Development Council (PRMSDC) announced Wednesday the upcoming start of “Goal 1B,” a strategy designed to help Puerto Rican industries expand their market.
The program slated to begin this month comprises an enhanced certification initiative meant to positively impact local economy through new networking ventures that allow for the acquisition of Puerto Rican products and services by national and international corporations that are members of NMSDC, organization Vice President, Marquis Miller, said.
The goal is to certify 400 new local businesses and suppliers over the next three years, which would represent an increase of 50 percent of the current certified suppliers.
Local business representatives said the push could have an immediate impact in the local economy, as a recent study revealed that the existing 400 local businesses and suppliers generated last fiscal year between $1.5 billion to $2.2 billion in the Puerto Rican economy — all by providing products and services to national and multi-national corporations.
The NMSDC and PRMSDC said if “Goal 1B” is achieved, it could generate conservatively an additional $1 billion to Puerto Rico’s economy.
“Puerto Rico is one of the U.S. territories where a majority of local businesses and suppliers could qualify for certification as a Minority Supplier Business. The NMSDC certification allows them to be part of the largest business and supplier network in the nation, as well as being entitled to receive all the benefits available as a PRMSDC certified supplier,” said Miller this week upon arriving to the island to explain the new initiatives NMSDC is adopting nationally to Puerto Rico affiliate leaders.
“Furthermore they are eligible to be signed by any of our national and international corporate members,” he added.
Puerto Rico represents a conglomerate of supportive products and services, from manufacturing to cleaning services, purchasing to advertising, human resources to packaging, among many others; ideal to fulfill the needs of these global conglomerates. In turn, these multi-national corporations can help local suppliers to export their products and services thru their respective operations abroad, all in accordance to the supplier capability and potential for growth.
“To achieve the ambitious increase in members proposed by ‘Goal 1B’, the Council will begin a formal petition to the current 400 suppliers, to get them involved in helping us identify a local business or suppliers they currently work with, to register into the local program,” said José Ríos-Nieves, chairman of the local PRMSDC.
“If each current minority business member and supplier recommends one business to be certified into the program, the Council will be on our way to reaching our goal by 2018,” he said.