Governor of Puerto Rico announces the 1st Invest Puerto Rico Forum
(August 8, 2017 - La Fortaleza, San Juan) Governor of Puerto Rico Ricardo Rosselló announced today along the secretary of the Department of Economic Development and Commerce (DEDC), Manuel A. Laboy, the 1st Invest Puerto Rico Forum.
The forum will take place from September 20-21 at the Puerto Rico Convention Center and will bring together around 500 investors and entrepreneurs interested in exploring business opportunities on the Island.
The main purpose of the 1st Invest Puerto Rico Forum is to position Puerto Rico as the most competitive destination under the United States flag, to invest and establish businesses, or to relocate them.
During the Forum, government officials and leaders of the private industry will present Puerto Rico's competitive advantages for investment, tax incentive programs, the structural reforms underway, as well as infrastructure, energy, technology, real estate, and tourism projects, among others.
"We have established an economic development model based on the economy of knowledge and innovation, focused on the emerging industries of research and development, technology and exportation services, while looking to position Puerto Rico as a center for innovation and investment, and continuing to insert ourselves in the global economy. All of this, combined with a solid incentives offer, allows the Island to compete with the largest global economies. The 1st Invest Puerto Rico Forum will serve as a platform to maximize these advantages for the benefit of our economy”, expressed the chief executive.
On the other hand, secretary Laboy pointed out that "Puerto Rico offers unique advantages for companies and investors. We have an innovative business ecosystem and the most attractive tax incentives in the nation, world-class talent as acknowledged by leading global companies, modern and reliable infrastructure, and the operational stability of a federal jurisdiction. "
"Without a doubt, all these elements make the Island the ideal place for the development of emerging industries, and with this forum we invite the world to learn about the opportunities we offer, because Puerto Rico is open for business," added the head of the DEDC.
The 1st Invest Puerto Rico Forum will present the opportunities under the incentives program to attract investment, which offers corporations a 4% tax rate on net income, in sectors such as manufacturing, biotechnology, the pharmaceutical industry, tourism, exportation, insurance, financial and professional services, bio-agriculture, and tourism development, among others.
Governor Rosselló recently amended Acts 20, 22, and 73, to make it easier for corporations and individuals to invest in Puerto Rico.
The amendments included modifying the requirements for issuing decrees, removing bureaucratic requirements that hindered the application of the incentives offered by the law, and encouraging economic investment in research and development (R&D) by allowing companies that operate with federal grants to obtain the tax credits provided by law.
During the first day of the forum, Laboy will discuss the new vision of economic development for Puerto Rico, focused on fostering innovation-based industries. This will be followed by a series of conferences and panels that will present, in detail, the incentive laws for corporations and individuals; the plan of structural reforms carried out by the administration for tempering the systems of governance to the vision of “Open for Business”; the existing investment opportunities on the island; as well as a series of specialized panels that will present projects and incentives addressed to each industry.
The second day will include a panel regarding the current economic situation of Puerto Rico, with the participation of finance authorities, a plenary session on the promotion strategies that are under development—which include the recently established Invest Puerto Rico and Destination Marketing Organization (DMO),—and a session of short presentations aimed to inform about the moving processes, as well as settling in Puerto Rico and its lifestyle.
In addition, during both days, individual meetings will be held between potential investors and the heads of government agencies for each industry.
The 1st Invest Puerto Rico Forum is an event for entrepreneurs and investors. For more information and event registration, access www.investpr.us. You can also join the conversation on LinkedIn.