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Government Participates in Key Global Investment Forums

June 19, 2017

(San Juan) — The efforts by the Department of Economic Development and Commerce (DDEC) and the Industrial Development Company (PRIDCO) to continue promoting Puerto Rico as an investment destination are being strengthened. This week, representatives of both agencies along with the Public-Private Partnerships Authority will participate in the SelectUSA investment forum and the international convention of the biotechnology industry, BIO International Convention, to be held on June 19-22 in San Diego, CA, said Manuel A. Laboy Rivera, DDEC Secretary and PRIDCO Executive Director.

SelectUSA is a Federal Department of Commerce program that seeks to facilitate foreign investment and job creation in the United States. Since its implementation, in 2011, it has facilitated investments amounting to over $23 billion. In turn, BIO International Convention is the biggest annual fair in the biotechnology industry.

“Active participation in both international events is part of the governor’s public policy and strategy to promote Puerto Rico as an investment destination. We seek to do business as a competitive jurisdiction of the United States”, Laboy Rivera pointed out, who noted that Puerto Rico’s participation in both forums is in line with efforts made at the world’s largest industrial convention, Hannover Messe, in Germany.

“Many of the international companies investing in Puerto Rico do so because of the peace of mind associated to Puerto Rico being a US jurisdiction, and for its competitive advantages, such as having a specialized and bilingual workforce, a modern infrastructure, an innovative business ecosystem and tax incentives focused on productive activities for our economy”, Laboy Rivera highlighted.

“It is important for Puerto Rico to remain active in the biotechnology industry in order to be included as soon as possible in the selection process for jurisdictions where new drugs will be produced. In our value proposition, we emphasize the transcendental role that Puerto Rico can play in research, development and clinical trials in order to attract biotechnology production to the island. Puerto Rico competes against many United States jurisdictions, as well as globally, for manufacturing these products, so it is paramount for the advantages of our proposal to stand out”, the Secretary of the DDEC added.

Laboy Rivera also took the opportunity of being in California to meet with top executives from Google and Tesla, two companies he believes to have the potential to use Puerto Rico as a center of excellence and service export. As part of its Loon project, Google is already developing innovative technologies at the former Roosevelt Roads naval base in Ceiba. Tesla, in addition to manufacturing electric vehicles, is producing integrated solar energy systems through its SolarCity subsidiary.

“All the efforts under way are part of our strategy to achieve economic diversification with an emphasis on innovation and the production of intellectual property in Puerto Rico that will yield benefits in the medium and long term”, the Secretary of Economic Development concluded.