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PALMAS

DEL MAR

Investor friendly policies and a pro-business stance Puerto Rico’s modern and highly efficient infrastruc-
have ensured a steady influx of foreign companies ture, transportation, utilities, telecommunications
from the United States and elsewhere. Important and financial system, in combination with a highly
industries include pharmaceuticals, electronics, skilled workforce, position it for continued corporate
petrochemicals, processed foods, clothing and growth. Additionally, the proximity and accessibil-
textiles. Puerto Rico supports an estimated 8% of ity of the Island not only to the U.S. but also to Latin
all pharmaceutical employment globally, including America and the Caribbean make it an ideal
the United States, and manufactures many of the strategic location for export and transshipment
world’s largest-selling drugs. The high concentration operations.
of sophisticated corporations in Puerto Rico creates
a critical mass of skilled advertising, marketing and
ECONOMY financial professionals, able to expedite U.S. expan- CUSTOMS AND IMMIGRATION
Over the past fifty years, the Puerto Rican economy sion into other major Latin American markets. Puerto Rico is one of the few tropical destinations
has evolved significantly from its historical agricul- The improving education of the workforce is evi- Americans may travel to without a passport. As part
tural base, to a manufacturing base, to today’s more denced by the fact that Puerto Rico’s percentage of the Terrorism Prevention Act of 2004, all Ameri-
diversified economy which includes both agriculture of students enrolling in higher education has been cans traveling by air or by sea to or from Canada,
and manufacturing as well as strong service, tour- ranked sixth in the world according to the World Mexico, Central and South America, Bermuda and
ism, construction and retail sectors. This growing Bank. The workforce’s improved skill level has cre- the Caribbean are required to have a passport or
diversity, coupled with the economy’s strong ties to ated a more entrepreneurial, small business envi-
the U.S., provides Puerto Rico with more economic ronment where large manufacturing operations are
stability than neighboring countries in Latin America playing an increasingly smaller role in the island’s
and the Caribbean. In recent years, Puerto Rico’s economy. Small businesses employ approximately
appeal as a hub for commerce has been enhanced 75% of the island’s private sector workforce.
by the Government’s interest in privatizing many of The proliferation of these small companies has
its state-owned enterprises, including the ports and served to both diversify and strengthen the founda-
most recently, the telecommunications industries. tion of the Puerto Rican economy.
Large corporations have responded to Puerto Rico’s
efforts to modernize its economy with a resound-
ing vote of confidence as half of the Fortune 100
companies have operations on the island. Puerto
Rico accounts for nearly one-third of the entire
Caribbean’s economic activity as measured by
gross domestic product (GDP). Puerto Rico’s GDP
has grown to $95.7 billion in 2009. Exports exceed
$60 billion annually, with the U.S. (72%), Germany
(7%), Netherlands (4%) and Belgium (4%) the
major partners. In addition, Manufacturing has © JOSE ZAYAS
grown by more than 60% since 1997.

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