Carlos J. Ríos Pierluisi, Secretary of Puerto Rico's Department of Economic Development and Commerce (DDEC), said Sunday that 'Puerto Rico is ready to do business,' following a trip in which he and Governor Jenniffer González Colón promoted the island as an 'economic paradise' in New York to attract investment from companies including Abbott, AbbVie Biotechnology, Johnson & Johnson, and Amgen.
Puerto Rico is ready to do business
He also cited local companies expanding operations, such as Islandwide, Ocean Lab, and Chemical Solutions. Ríos Pierluisi highlighted a cardiovascular medical device product to be manufactured in Arecibo through an approximately $3.2 million investment by a global company with presence in 160 countries, calling it a 'bet on the future' since the firm chose Puerto Rico over its usual Minnesota manufacturing site.
He argued Puerto Rico remains a competitive, cost-effective business destination compared to countries facing wars or natural disasters. Asked by reporters whether controversies—including the possible annulment of LUMA Energy's contract extension and the cancellation of temporary energy provider Power Expectations' contract—could hurt the economy, Ríos Pierluisi said investors