Puerto Rico Minority Supplier Dev’t Council marks 40 yrs.
The Puerto Rico Minority Supplier Development Council (PRMSDC) is marking 40 years on the island, where it has helped develop minority businesses, and the execution of programs and initiatives that have fostered commercial alliances with corporations and suppliers in the continental United States, generating $5.1 billion for the economy and create more than 37,000 jobs.
“Since our inception we have been advocating for access for certified minority businesses in Puerto Rico to the US market, helping to close the gap of racial, economic and employment disparity in Puerto Rico,” said Francisco Cabrera, president of the PRMSDC.
“The Council’s success has been one with more than 500 companies or certified minority suppliers connected to more than 15 national and international corporations located in Puerto Rico and with more than 1,600 located around the United States and worldwide,” said Cabrera.
The PRMSDC is part of the National Minority Supplier Development Council, a national network of 23 regional offices that covers the entire United States and its territories.
The national network has more than 1,600 corporate partners made up of national and international corporations, and more than 16,000 certified minority suppliers in different industries.
“It’s important to reiterate that certified minority businesses in Puerto Rico, in addition to economic production, create an immediate economic impact through the thousands of employees they generate,” said Cabrera.
“Taking globalization into account, today’s companies are integrated, and all depend on other companies to create their products and services,” said Cabrera.
Currently, 85% of certified minority suppliers in Puerto Rico are in some type of business related to Science, Technology, Engineering and Math (STEM) of which 40% offer services to the national or international market.
About 70% of suppliers generate more than $1 million in annual sales and of those, 20% generate more than $10 million in sales.
Women lead 15% of certified minority businesses in Puerto Rico with annual sales of more than $300,000.
Furthermore, the Council together with its national counterpart have supported and provided services to 60% of the local pharmaceutical and medical device industry.
According to Census data, minorities in the United States currently represents approximately 40% of the total population. It is estimated that by 2040 this population will be the majority, which will bring about significant changes in how national and multinational corporations view these minority groups.
“Although there is still work to be done, the future of minority businesses is encouraging both in Puerto Rico and in the United States,” said Reina Reyes, director of Corporate Services of the PRMSDC.
“It’s for this reason that today more than ever the Council understands and promotes that a diverse supplier base is important and paramount in the long-term profitability and strategic objectives of any corporation,” said Reyes.
“National and multinational corporations in the United States are strengthening and paying more attention to their supplier inclusion and diversity programs in the supply chain,” said Reyes.
“This with the intention of serving this future majority in the US population from now on, which is an opportunity for organizations that work to promote diversity and inclusion in purchasing processes,” she added.