[June 17, 2014] |
|
Spanish Investors Head to Puerto Rico to Explore Business Opportunities
SAN JUAN, Puerto Rico --(Business Wire)--
Over 200 representatives from Puerto Rican and Spanish companies
gathered in San Juan today to discuss the pro-business environment in
Puerto Rico, reinforcing it as an ideal "bridge" for companies
interested in expanding to North American and Latin American markets,
according to the Secretary of the Department of Economic Development and
Commerce, Alberto Baco-Bague.
Several executives including Román Blanco Reinosa, president and CEO of
Spanish banking group Santander USA, and Antonio Huertas, president of
MAPFRE, one of the world's largest insurance companies, spoke
enthusiastically about the competitive advantages of doing business in
Puerto Rico. Baco-Bague said these organizations are taking advantage of
Puerto Rico's growing International Financial Center and International
Insurance Center which are diversifying the island's economy and driving
foreign investment.
As part of its economi roadmap, Baco-Bague confirmed that Puerto Rico
is on track to create upwards of 20,000 new private-sector jobs in
priority industries by the end of 2014. Much of the job growth stems
from new investments in technology, aerospace and tourism by
international investors.
"Spain offers expertise in a diversity of industries including financial
services, retail, insurance and manufacturing, which is exactly what our
economic roadmap calls for," said Baco-Bague. "Spanish investors are
showing a lot of interest in Puerto Rico. Companies are drawn to the
island because it is a U.S. jurisdiction, offering competitive tax
incentives, proximately to Latin American markets, protection under U.S.
law and access to a bilingual and highly educated workforce."
The business relationship between Spain and Puerto Rico is projected to
grow with the planned expansion of non-stop airline service between
Puerto Rico and Spain by Air Europa. The new direct flight is expected
to bring 15,000 tourists from Spain annually. The additional air links
will ease operations for Spanish companies in Puerto Rico, while
attracting direct foreign investment from new sectors within the Spanish
economy.
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. While
interest has doubled in the last year from international investors,
strategically targeting Spain investment will support the island's
industry diversification - protecting the Island's strong manufacturing
base while building a hub for financial, technology and other types of
consultancy services.
[ Back To TMCnet.com's Homepage ]
|