The private-sector delegation headed by the Puerto Rico Manufacturers Association that lobbied in Washington, D.C. last week in favor of the Puerto Rico Investment Promotion Act, asked members of Congress for a public hearing to discuss the effects of the proposal that seeks to jump-start the island’s economy.
Gov. Luis Fortuño urged Pres. Barack Obama Wednesday to include Puerto Rico in its new national economic plan, stressing that “Puerto Rican jobs are U.S. jobs.”
The Puerto Rico Manufacturers Association has mapped out its strategy for 2012, when it aims to keep the ball rolling on several key strategies it set off last year.
The Private Sector Coalition and representatives of 17 labor unions signed a “historic” Memorandum of Understanding to collaborate with and support federal initiatives that spur socioeconomic development in Puerto Rico.
Basing the future of Puerto Rico’s economy on an uncontrollable factor, such as an amendment of the U.S. tax code, is not the safest route to take to achieve growth and is not the “silver bullet” the island needs to secure long-term stability, Sergio Marxuach, public policy director of the Center for the New Economy, said Thursday.
Representatives from more than a dozen labor unions and the private sector met with Resident Commissioner Pedro Pierluisi Thursday to outline strategies to defend the Puerto Rico Investment Promotion Act and the American Jobs Act, both of which they claim could spur economic development for the island.
The global currents and economic challenges of the private sector, which have generated a sort of pessimism that focuses on only one part of the current reality, have significantly affected Puerto Rico’s manufacturing sector, Economic Development and Commerce Secretary José Pérez-Riera said.
In what may constitute as one of the most significant unions between the public and private sector in recent years, dozens of private sector and government officials gathered Tuesday to sign a memorandum of understanding to support the Luis Fortuño administration’s efforts to push the Puerto Rico Investment Promotion Act in Washington.
Resident Commissioner Pedro Pierluisi introduced Thursday the Puerto Rico Investment Promotion Act, which seeks an amendment to the U.S. Internal Revenue Code to open the door for job creation and strengthening the island’s economy.
A proposal in President Barack Obama’s deficit reduction plan unveiled Monday could put a wrench in the joint aspirations of the local government and the private sector to get improved tax conditions for controlled foreign corporations doing business on the island.
Resident Commissioner Pedro Pierluisi will submit in Congress this week the proposed Puerto Rico Investment Promotion Act, which seeks to increase business investment and create jobs on the island.
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