The Puerto Rico Products Association unveiled Wednesday it’s latest institutional effort urging residents to buy local, saying that for every dollar households invest in island-made goods and services, imports are reduced by 5 percent.
Furthermore, that same investment would generate more than 7,000 jobs annually and more than $1.4 billion in local production, said P.R. Products Association President Ramón Pérez-Blanco during a presentation of a pair of studies confirming those results called “Analysis of the local production and Expenditures on Puerto Rico Products” and “The Made in Puerto Rico Brand.”
Advantage Business Consulting and Ipsos Puerto Rico developed both economic studies for the trade group.
“The study aimed to examine the effect that an effective campaign could have if it caused an increase in local purchases, that people in Puerto Rico would buy more products and services manufactured, processed and produced on the island by different entities,” said Economist Juan Lara, of Advantage Business Consulting.
That campaign, #LoMejorParaTodos, also launched Wednesday, highlights the importance of investing locally. The effort urges consumers to look for the “Hecho en Puerto Rico” seal when making their purchases.
“That is the only seal that confirms that the product or service is truly made in Puerto Rico. That seal is the synonym that our development is in our hands,” Pérez-Blanco said.
“The results of the analysis show it is a good time to launch a promotional campaign for the purchase of Puerto Rico products. The economic effects will be very meaningful to increasing local production and will have a significant effect on employment,” Lara said.
Meanwhile, the “The Made in Puerto Rico Brand” study shows that consumers are prepared to respond to a campaign urging people to spend more on local products and there is a willingness of consumers to move in that direction.
“Consumers move alone and that is a giant step for the economy of Puerto Rico,” added Lara.