Puerto Rico among ‘Best to Invest’ in Latin America
The Commonwealth of Puerto Rico ranked ninth on the list of best destinations to invest in Latin America and the Caribbean, according to a publication by Site Selection magazine. The publication’s “Best to Invest 2015” list also ranked Puerto Rico’s performance in terms of investment per capita, placing it as fourth in the region.
“Puerto Rico ranks among the best investment destinations in our region. It is important for us to continue developing and improving our capabilities and competitive advantages to maintain our prominent positioning in the business world,” said Antonio Medina-Comas, executive director of the Puerto Rico Industrial Development Company.
The rankings are based on a five-part index, one of them being Site Selection’s proprietary New Plant Database which tracks projects investing a minimum of $1 million, creating 20 or more new jobs or involving at least 20,000 square feet of new space.
Other criteria include location’s ranking on four other indexes: ranking in the World Bank’s “Doing Business 2015” report; overall rank in The Global Competitiveness Report 2014-2015 from the World Economic Forum; the Human Development Index from the United Nations Development Program; and GDP growth.
“Entering this prestigious list validates efforts like those made recently during the Site Selectors Guild Annual Conference in Puerto Rico. During this meeting, we gathered hundreds of business location consultants and economic development professionals to show them the attributes of Puerto Rico as an investment destination,” Medina-Comas said.
“Thus, Puerto Rico remains visible among those responsible for advising companies about future business investments, particularly those of industrial nature,” he added.
Puerto Rico has one the largest manufacturing footprints in the world, with approximately 46 percent of its GDP derived from related industries. Furthermore, the island’s combination of skilled workforce, strong infrastructure and attractive tax incentives make it a preferred investment destination, PRIDCO said.
As a U.S. jurisdiction, it also provides a strong financial and regulatory environment that secures protection and high quality of products and services.
Site Selection magazine, published by Conway, Inc., delivers expansion planning information to 48,000 subscribers, many of them employed by fast-growing firms.