Puerto Rico private sector urges Executive, Legislative to ‘execute’ in ’22
The Puerto Rico Chamber of Commerce (CofC, in Spanish) asked the government — both the Executive and Legislative branches — the schedule to begin “executing” to move from recovery to economic growth, said Luis Gierbolini, president of the private sector trade group.
In his statement, Gierbolini said Puerto Rico must move to resolve the issues that are hindering economic development:
- A deficient permit system that does make new investment attractive;
- A weak and expensive electric power service;
- A labor market destabilized by improvised changes without viable economic analyzes;
- An inventory tax that does not allow mobility in the supply chain or transportation; and,
- A stagnant recovery that does not contribute to the stability of the markets.
“It is necessary to concentrate government and private efforts on solving the fundamental aspects to improve the climate for doing business in Puerto Rico,” said Gierbolini.
“For example, excessive increases in electricity and constant changes to labor laws are detrimental to sustain a business and even worse to position itself as a destination for private investment,” he said.
The recovery phase must move “quickly so that the available funds can be used properly, impact the Puerto Rican economy and can serve as an economic rebound,” he said.
So far, he said the government has put on breaks that stand in the way of sustained business growth, “we need the wheel to move in the first half of 2022,” said Gierbolini.
The executive also noted that incentives that are rolled out “have to be long-term productive measures and not mere ideas to try to cover the subject lightly.”
Puerto Rico requires a corporate public policy focused on the companies that produce and the entrepreneurs, he added.
“They have the duty to promote the use of public funds in a climate of absolute transparency and accountability,” Gierbolini said.