Puerto Rico is a winning investment
One year ago, the Commonwealth of Puerto Rico and SelectUSA announced that Lufthansa Technik was going to develop its new maintenance, repair and overhaul project in Puerto Rico.
But it was much more than a typical announcement; it marked the beginning of a new industrial and economic segment for Puerto Rico. We have since broken ground on the facility and construction is advancing on track. Meanwhile, we are already seeing this deal create real economic momentum across the Island.
This operation represents a significant investment in our economy and it is estimated to result in an economic impact of $2.2 billion over a 30-year period. The facility will also create hundreds of permanent jobs and help strengthen our aviation and aerospace industry.
At this year’s SelectUSA Investment Summit, taking place March 23-24 at National Harbor, more international businesses like Lufthansa Technik have the chance to follow the lead and benefit from participating in Puerto Rico’s economy.
By investing in Puerto Rico, businesses can gain a stronghold in the United States’ hub in the Caribbean. Often, when businesses are looking to expand their map they look to places like Mexico, Singapore or Brazil. But Puerto Rico stands out from the competition for many reasons.
The Commonwealth offers one of the most competitive workforces in the global economy. Puerto Ricans are U.S. citizens, highly-educated, bilingual workers prepared to help your business make connections across the Americas and around the world. Our workforce grows stronger every day; with over 40 academic institutions offering graduate and post-graduate educations, Puerto Rico is preparing for the 21st century economy.
We know that staying competitive means staying ahead of the trends, so we put a strong emphasis on research and development, with direct funding from our education system. We have more researchers in our labor force than many other Latin American countries. It is this economic ecosystem that earned Puerto Rico high rankings in the Global Competitiveness Index report.
Puerto Rico’s Commonwealth status gives us – and businesses – the best of both worlds. That status means we are a U.S. jurisdiction with the freedom to write our own tax code, a tax code that works for businesses. Unlike many other countries businesses might consider, currency in Puerto Rico is the U.S. dollar, we are a convenient relocation destination for your U.S.-based employees, and we offer the same legal protections – including those for intellectual property – as the U.S. We give your business the convenience and protection of being in the U.S. with the competitive tax benefits of being in Puerto Rico.
Our economic ecosystem is growing every day. The investment of Lufthansa Technik has already brought in new business from Jet Blue and Spirit Airlines. Next year aviation mechanics will start training at the brand new Aerospace and Aviation Institute of Puerto Rico that is also under development in Aguadilla, leading to an even more highly-skilled workforce. Our efforts to attract foreign direct investment have also helped advance Infosys BPO’s operation in Puerto Rico, by recently opening a new center that will service the government sector and healthcare industries as well as offer new services to the aviation sector with a staff of local residents with experience and skills in the aerospace and aviation industries.
Puerto Rico continues to experience a growing presence from global businesses every day. Dow Agro-Sciences recently opened a new multi-million dollar lab to research corn, soy and sunflowers here. And, companies who have a longer history in Puerto Rico like Lilly, CooperVision and Honeywell Aerospace continue to make investments in their operations here. These companies have seen that ours is an Island worth investing in.
Each one of these investments has a ripple effect on our economy. Each one makes Puerto Rico stronger and a better place to bring your business. They are bringing better jobs, better wages, and a better economy to the Commonwealth– they have realized that investing in Puerto Rico has real returns.
Puerto Rico is just at the start of an economic renaissance, and smart businesses can get in on the ground floor. Businesses are realizing the benefits of hiring Puerto Rican employees, the benefits of using Puerto Rico as a foothold in the Caribbean, and the benefits of growing their operations here. I invite you to join them and make the smart move.
Medina is executive director of the Puerto Rico Industrial Development Company.
By Antonio Medina
Puerto Rico is a winning investment
But it was much more than a typical announcement; it marked the beginning of a new industrial and economic segment for Puerto Rico. We have since broken ground on the facility and construction is advancing on track. Meanwhile, we are already seeing this deal create real economic momentum across the Island.
This operation represents a significant investment in our economy and it is estimated to result in an economic impact of $2.2 billion over a 30-year period. The facility will also create hundreds of permanent jobs and help strengthen our aviation and aerospace industry.
At this year’s SelectUSA Investment Summit, taking place March 23-24 at National Harbor, more international businesses like Lufthansa Technik have the chance to follow the lead and benefit from participating in Puerto Rico’s economy.
By investing in Puerto Rico, businesses can gain a stronghold in the United States’ hub in the Caribbean. Often, when businesses are looking to expand their map they look to places like Mexico, Singapore or Brazil. But Puerto Rico stands out from the competition for many reasons.
The Commonwealth offers one of the most competitive workforces in the global economy. Puerto Ricans are U.S. citizens, highly-educated, bilingual workers prepared to help your business make connections across the Americas and around the world. Our workforce grows stronger every day; with over 40 academic institutions offering graduate and post-graduate educations, Puerto Rico is preparing for the 21st century economy.
We know that staying competitive means staying ahead of the trends, so we put a strong emphasis on research and development, with direct funding from our education system. We have more researchers in our labor force than many other Latin American countries. It is this economic ecosystem that earned Puerto Rico high rankings in the Global Competitiveness Index report.
Puerto Rico’s Commonwealth status gives us – and businesses – the best of both worlds. That status means we are a U.S. jurisdiction with the freedom to write our own tax code, a tax code that works for businesses. Unlike many other countries businesses might consider, currency in Puerto Rico is the U.S. dollar, we are a convenient relocation destination for your U.S.-based employees, and we offer the same legal protections – including those for intellectual property – as the U.S. We give your business the convenience and protection of being in the U.S. with the competitive tax benefits of being in Puerto Rico.
Our economic ecosystem is growing every day. The investment of Lufthansa Technik has already brought in new business from Jet Blue and Spirit Airlines. Next year aviation mechanics will start training at the brand new Aerospace and Aviation Institute of Puerto Rico that is also under development in Aguadilla, leading to an even more highly-skilled workforce. Our efforts to attract foreign direct investment have also helped advance Infosys BPO’s operation in Puerto Rico, by recently opening a new center that will service the government sector and healthcare industries as well as offer new services to the aviation sector with a staff of local residents with experience and skills in the aerospace and aviation industries.
Puerto Rico continues to experience a growing presence from global businesses every day. Dow Agro-Sciences recently opened a new multi-million dollar lab to research corn, soy and sunflowers here. And, companies who have a longer history in Puerto Rico like Lilly, CooperVision and Honeywell Aerospace continue to make investments in their operations here. These companies have seen that ours is an Island worth investing in.
Each one of these investments has a ripple effect on our economy. Each one makes Puerto Rico stronger and a better place to bring your business. They are bringing better jobs, better wages, and a better economy to the Commonwealth– they have realized that investing in Puerto Rico has real returns.
Puerto Rico is just at the start of an economic renaissance, and smart businesses can get in on the ground floor. Businesses are realizing the benefits of hiring Puerto Rican employees, the benefits of using Puerto Rico as a foothold in the Caribbean, and the benefits of growing their operations here. I invite you to join them and make the smart move.
Medina is executive director of the Puerto Rico Industrial Development Company.
By Antonio Medina
Puerto Rico is a winning investment
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