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Puerto Rico extends opportunities to Central Florida business leaders
Published on May 19, 2014 Email To Friend    Print Version

SAN JUAN, Puerto Rico -- Wrapping up a two-day trip to Florida, Secretary Alberto Bacó-Bagué, the head of Puerto Rico’s Department of Economic Development and Commerce (DDEC), urged the state’s large and growing Puerto Rican population to seek business opportunities in their homeland.

In the keynote address to the 2014 Summit on Puerto Rican Affairs in Orlando on Friday, Bacó brought his audience up to date on economic developments in the commonwealth. His summit speech capped a visit that highlighted and celebrated the cultural and economic ties between Puerto Rico and the 300,000 residents of Puerto Rican descent in Central Florida.

In another sign of the strong links between Puerto Rico and the Sunshine State, Bacó attended the Thursday opening of a new 40,000-square-foot Orlando distribution center for Titán Products of Puerto Rico. The company, a subsidiary of Puerto Rico-based Empresas Barsan, delivers about 200 Puerto Rican food products and brands to stores throughout Florida.

Bacó urged his summit audience to serve as ambassadors for Puerto Rico by spreading the word about the island’s economic development strategy.

“Puerto Rico is undergoing on economic transformation that rivals our historic shift from agriculture to a manufacturing-based economy more than a half century ago,” he said. “The reality is that Puerto Rico is charting a new and more prosperous future that draws on the talents, intellect and energy of the Puerto Rican people -- people like you.”

The Summit on Puerto Rican Affairs, which serves a platform for high-level discussions with Florida’s political, business and community leaders, included two-days of workshops for local entrepreneurs and corporate executives to discuss mutually beneficial opportunities for Florida and Puerto Rico.

Already home to some of the world’s largest manufacturing and pharmaceutical companies, Puerto Rico is offering new investment incentives for businesses that offer financial, technology and other types of consultancy services. Qualifying businesses that move all or some of their operations to Puerto Rico benefit from the advantages of a US jurisdiction; a strong and educated industry talented labor pool; and generous tax incentives to support innovation and diversification.

Puerto Rico’s overall strategic economic initiatives are expected to directly or indirectly contribute to the creation of nearly 140,000 jobs by the end of 2017, potentially adding $11 billion to the Commonwealth’s GDP and generating $350-500 million in additional tax revenue.
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