Friday, June 20, 2014

Puerto Rico: España Encouraged to Invest in The Commonwealth

According to The Latin American Tribune, Puerto Rican Governor Alejandro García Padilla on Tuesday (June 17) invited Spanish firms to invest in the Caribbean island.

García Padilla brought to a close the “Invest in Puerto Rico” business conference, organized in San Juan by Spain's El Pais, where he stressed to all present that the island is open for business.

Puerto Rico can serve as a bridge for Spanish companies who want get into the United States market, given the island’s status as a US commonwealth, he said.

“Our Commonwealth has greater access to the US market than any other country in Latin America,” the Governor stressed.

“With financial regulations like the US but outside the American tax system,” García Padilla said, noting that Puerto Rico can offer foreign companies tax rates as low as 4%.

COMMENT: The island’s human capital, he said, “is what foreign companies with a presence in Puerto Rico value most.”

As for plans to make the territory even more competitive, he said a plan is in the works to lower energy prices, reduce crime and combat unemployment.

He said that soon a balanced budget will go into effect, the first in many years, an example of how things are changing in Puerto Rico.

Changes that companies from different countries have caught onto, companies like airlines such as Avianca and Air Europa, which a month ago inaugurated direct flights between Madrid and San Juan, and Germany’s Lufthansa Technik, a reflection of the confidence that multinational firms have in Puerto Rico, he said.