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Puerto Rico Shines as a Strategic Bioscience & Aerospace Hub for Innovation

April 24, 2024
Group of site selectors and InvestPR staff posing in front of a wall with aerospace visuals and the Honeywell logo.

Invest Puerto Rico welcomed site selectors to the island to showcase Puerto Rico’s value proposition. and innovative capabilities that make Puerto Rico an ideal destination for investment and business development.

SAN JUAN, PUERTO RICO – Invest Puerto Rico (InvestPR), the organization responsible for attracting capital investment and new businesses to the island, conducted a familiarization tour (fam tour) with about a dozen site selectors interested in exploring the unique capabilities and investment opportunities that Puerto Rico offers in the biosciences and aerospace sectors.

Site selectors specialize in helping companies find the right locations to establish or expand their operations. These professionals research factors such as labor, infrastructure, real estate, incentives, and business ecosystems, among other aspects critical to a company’s success. They play a crucial role in corporate decision-making.

Showcasing Puerto Rico’s Cutting-edge Facilities

The participants had the opportunity to visit the facilities of globally recognized companies that currently leverage the island’s value proposition to boost their success, such as Lufthansa Technik, Honeywell, Boston Scientific, and Prime Air. They witnessed the multiple capabilities Puerto Rico has to host cutting-edge and high-caliber operations.

Additionally, they had the opportunity to correct misconceptions about the island’s business ecosystem with entities such as the Department of Economic Development and Commerce (DEDC), Puerto Rico Manufacturing Extension (PRiMEX), and the Puerto Rico Pharmaceutical Industry Association (PIA), among other organizations that offered a deeper insight into the island’s industrial and research capabilities, energy, incentives, workforce and talent, and the overall business climate.

Ella Woger-Nieves, the Chief Executive Officer of InvestPR, mentioned that the initiative is considered one of the best practices among economic development organizations (EDOs) because it allows presenting a business destination reliably by showcasing the competitive advantages and existing investment opportunities.

“Puerto Rico has a unique value proposition for companies to thrive and grow. With a skilled workforce, a strategic geographic location, strong logistic capabilities, competitive tax incentives, and evolving infrastructure, it is an excellent destination for innovation and growth,” added the executive.

A site selector who participated in the tour, Mike Grella, Chief Executive Officer of Grella Partnership Strategies, stated: “The trip was useful in changing my perception of the island. Puerto Rico is more than a tourist destination; it is a world-class business destination with a top-tier business community. Companies like to take risks, but strategic risks, and having seen the growth of the industries, how well-established they are, the connectivity, and the highly skilled talent, gives us confidence when recommending Puerto Rico as the ideal place to invest.”

Puerto Rico’s Growth Trajectory & InvestPR’s Impact

This initiative is part of InvestPR’s promotional strategy aimed at enhancing Puerto Rico’s profile and recognition as a leading and competitive hub for business and innovation. Recently, the organization added the aerospace sector to the key sectors where the island is highly equipped to compete globally, with this being one of the fastest-growing sectors over the last decade. In the biosciences sector, the island boasts over 60 years of excellence, being the leading producer and exporter of pharmaceutical products in the United States and hosting 12 of the top 20 major biopharmaceutical companies in the country.

Over the last five years, InvestPR has successfully accelerated the island’s economic development with commitments of over $1,000 million in capital investments, 20,000 new jobs, and the establishment of nearly 2,500 new businesses.

For more information, please visit www.investpr.org/innovation.

Media Contact

Christian Ramos
Communications Manager

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