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Pridco, InvestPR sign MOU to boost business growth

The executive director of the Puerto Rico Industrial Development Co. (Pridco), Carlos Ríos-Pierluisi, and Invest Puerto Rico’s CEO, Ella Woger-Nieves, have signed a memorandum of understanding (MOU) to coordinate efforts and stimulate companies’ interest in doing business and investing in Puerto Rico.

The objectives of this agreement are to increase Puerto Rico’s visibility in international and U.S. markets, market Pridco’s real estate assets to attract high-impact businesses and investment opportunities, and leverage the island’s commercial strengths to foster economic growth.

“I applaud this initiative, which without a doubt will result in the creation of new businesses and jobs for Puerto Rico,” Economic Development Secretary Manuel Cidre said. “Through this alliance, new promotion strategies will be developed for the rental and sale of industrial real estate properties that we have available to welcome new partners who see the island as an ideal business destination.”

Ríos-Pierluisi emphasized the agreement’s impact on Puerto Rico’s competitiveness. “Interagency collaboration is vital for executing public policy and achieving results,” the PRIDCO chief said. “The relationship between InvestPR and Pridco is no exception. This agreement formalizes the commitment of both entities to our economic development, particularly to the mission of improving the commercial and industrial infrastructure offering as a vehicle to increase Puerto Rico’s competitiveness as a business destination.”

Woger-Nieves added: “At InvestPR, we are firm believers that collaboration is the key to enhancing Puerto Rico’s economic development. This alliance with Pridco allows us to ensure that the island has a favorable environment for investment and complements our goal of attracting new capital and positioning ourselves as a top-notch business destination.”

Pridco, which manages a large inventory of properties intended for the creation of new industrial businesses in Puerto Rico, will be joining forces with InvestPR to promote business attraction and expansion, develop job creation and retention strategies, and foster economic development on the island.

Among the activities that both organizations have agreed to collaborate on include developing strategies for the improvement, promotion, rental and sale of industrial real estate properties in Puerto Rico, and collaborating on events within and outside of Puerto Rico to maximize efficiency in planning, execution and resource utilization. 

They will also jointly work on marketing and research projects, promote their respective brands and develop marketing plans as needed, and exchange asset information as permitted by law and in compliance with established rules and regulations, among other activities.

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

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