The second Economic Development Summit took place at the Puerto Rico Convention Center Tuesday, when members of Gov. Alejandro García-Padilla’s economic team summarized what agencies have been up to since January to further the administration’s agenda to spur private-sector jobs and activity.
Gov.-elect Alejandro García-Padilla revealed Tuesday the identities of several more members of its economic team, who will take office in January — several of which are already familiar faces in government.
Evertec Group, LLC has received a 15-year tax grant from the Puerto Rico government under the Tax Incentive Act 73 of 2008, in exchange for several long-term commitments including a $200 million investment during the life of the benefit, company officials said.
The Puerto Rico Industrial Development Company announced Tuesday it has earmarked $10 million to create an incentive program for solar energy projects designed to lower energy costs for manufacturing companies leasing the agency’s buildings.
As part of its pursuit of creating such professional opportunities, Banco Santander Puerto Rico, through its Santander Universities Global Division, announced Thursday the start of its “U-Work” internship program on the island.
The National Aeronautics and Space Administration will soon put in orbit a small satellite dubbed “CINEMA,” developed by a group of eight Puerto Rican engineering students in collaboration with engineers and scientists from the University of California at Berkeley.
Moody's Investors Service Inc. disclosed Thursday it has upgraded the M Rico Industrial Development Company's general purpose revenue bond rating to “Baa1” from “Baa2” and changed the outlook to stable. This decision came even though Pridco has some $210 million of outstanding debt.
CDI Laboratories in Mayagüez — the only company in the world using pioneering technology with the ability to generate high specificity monoclonal antibodies — began a new phase of research after receiving a combined $11.4 million in local and federal funding to develop new technologies in the field of medicine.
In the last 36 months, the Puerto Rico Industrial Development Company has helped to promote seven companies in the textile industry that have vowed to invest $40.5 million and create 1,582 direct jobs, Executive Director José Pérez-Riera said Thursday.
Less than a year after announcing major plans to expand its Humacao operations, contract manufacturing firm Legacy Pharmaceuticals is shutting down today. The closing leaves about 150 jobless, News is my Business confirmed.
The Puerto Rico Industrial Development Company’s board approved a $1.6 million assignment to the Central Eastern Technological Initiative, to match federal funding granted by the U.S. National Telecommunication and Information Administration to expand broadband access to economically disadvantage communities in the region, Economic Development and Commerce José Pérez-Riera, who also heads Pridco, said Monday.
In its most recent report on the impact of free trade zones across the U.S., the National Association of Foreign Trade Zones has classified Puerto Rico’s three facilities among the top 15 in the nation.
Puerto Rico businesses are missing out on making millions from federal government contracts each year, a shortcoming that represents a significant loss of growth opportunities. Looking to mitigate that, the Puerto Rico Industrial Development Co. on Tuesday announced the creation of the Federal Contracting Center, an office that will begin operating next month at the agency’s Hato Rey headquarters.
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