In the opinion of the Governor of Puerto Rico, Pedro Pierluisi
At the Spain-Puerto Rico Business Meeting, the opportunities that will arise with the important endowment of federal funds committed to the Repair and Reconstruction or Relocation Program have been highlighted.
The Governor of Puerto Rico, Pedro Pierluisi, has highlighted the great potential for improvement of commercial and business relations between Spain and Port during the business meeting organized by Chamber of Spain, the Secretary of State for Commerce, through ICEX Spain Export and Investment, and CEOE which has been attended by a hundred companies.
“Great opportunities open up with this forum. Puerto Rico is in a new era and we are seeing marked growth, with the lowest unemployment rate in history. We actively seek to promote economic development and the business environment, Puerto Rican companies are ready to export goods, as well as partner with Spanish companies,” he assured.
Pierluisi has made reference to the “brotherhood with Spain” and the “historical milestone in which they meet to build common ties.” He has also pointed out the tax incentives that the island can provide in the tourism, STEM, and industrial sectors. “Help us build a better Puerto Rico, the benefit will be common,” he stressed.
For its part, the United States Ambassador to Spain, Julissa Reynoso, recalled as “proof of the lasting friendship”, the success of the previous trade mission from Puerto Rico to Spain in 2019, as well as the recent visit of Your majesty the king. Reynosso has emphasized the commitment of the Biden Administration with Puerto Rico. “I guarantee that it is a priority for this Administration,” the ambassador highlighted while pointing out its interest as a “platform” for companies.
From the Chamber of Spain, his sSecretary General, Adolfo Díaz-Ambrona has made reference to the “decided commitment to public-private collaboration” and “the high amount of funds that will reach Puerto Rico for its recovery,” in reference to the fact that the United States Federal Government has committed significant funds to improve telecommunications, transportation, energy and housing infrastructure (61.000 billion dollars) as well as to mitigate the effects of the Covid in companies and families ($45.000 billion). Díaz-Ambrona assured that together with "the debt adjustment plan", Puerto Rico has generated "a security environment that makes it very attractive for companies" and concluded by ensuring the "prestige, recognition and solvency of Spanish companies." as “formidable traveling companions for the benefit of all of society.”
El vice president of CEOE and president of CEIM, Miguel Garrido, He assured that Puerto Rico offers great attraction to Spanish companies also thanks to the existence of a stable and predictable legal framework, which facilitates the development of public-private partnerships. “This framework would improve even more if progress was made in the negotiations for the inclusion of Puerto Rico in the Convention to Avoid Double Taxation, signed between USA and Spain, since it is essential to promote Spanish investments on the island,” declared Garrido. Likewise, he considered that the need to improve the logistics and transportation infrastructure, with the aim of becoming a first-rate logistics center for Central America and the Caribbean It constitutes a priority for Spanish companies that want to benefit from their strategic position in the region.
The secretary general of the Spanish Chamber of Commerce, Adolfo Díaz-Ambrona, has highlighted the security environment that makes Puerto Rico especially attractive
Meanwhile Javier Serra, general director of Institutional Cooperation of ICEX has highlighted the importance for both countries of working together and “taking advantage of the strong ties that unite them with the objective of promoting a greater presence of Spanish companies in Puerto Rico and the United States, and, likewise, encouraging them to consider Spain as the natural gateway to the European market”. Serra has also highlighted the great opportunities that Puerto Rico offers "with the arrival of important federal funds that support the modernization of its infrastructure, its electrical network and commitment to renewable energies."
The meeting was attended by leading representatives of companies from Puerto Rico and Spain. Antonio Huertas, president of Mapfre He has recounted first-hand the company's experience on the island and his personal reflections after having lived as an expatriate in Puerto Rico. Huertas recalled the “legal, cultural security, and health development” of Puerto Rico and the opportunity it represents to “learn the United States way of doing business.”
Currently there are thirty Spanish companies established in Puerto Rico, belonging to the infrastructure, energy, engineering, insurance, publishing sector, even agri-food sectors. In addition to the ICT sector, the island also has a multitude of sectors of interest for Spanish companies, constituting possible areas of expansion: perfumery and cosmetics, fashion, jewelry, accessories and ceramics for construction, as well as others linked to industrial equipment and capital goods, telecommunications, road communications and housing.
Any questions about this news?
Talk to Coexia, the AI of the foreign trade
