Puerto Rico opens opportunities for Dominicans

The interest of the Puerto Rican and Dominican governments in promoting business alliances between both countries as an open the door to new opportunities and incentives that allow improving the economic quality of the nations was ratified in the forum “Puerto Rico: Opportunities and Incentives.”      

Yesterday afternoon, Wednesday, high representatives of the Puerto Rican economic sector presented Law 60 of the Incentives Code as an economic development tool with possible opportunities for economic empowerment that Dominican national companies could achieve in a commercial association with Puerto Rico.

“The Dominican Republic is our friend, our neighbor, so we decided to come here first and present all the opportunities and incentives that Puerto Rico can offer,” said the director of the Commercial Office of Puerto Rico in the Dominican Republic, Nelson Torres Martínez.

Puerto Rico offers Dominican and regional entrepreneurs development opportunities in creative, manufacturing, tourism, and agricultural industries, as well as in biosciences, technology, renewable energy, entrepreneurship, and export services.

As stated in the panel by Carlos Fontán, director of the Office of Business Incentives, and Víctor Merced, director of the Office of Specialized Services for Industry and Customer Service in Puerto Rico, Law 60 defines incentives that support not only large companies but also small and medium businesses in the same way as emerging sectors, eSports and entertainment that are eligible under the statutes of this law.

At the beginning of the assembly, the secretary of the Department of Economic Development and Commerce of Puerto Rico, Manuel Cidre Miranda, stated that the presentation of the Incentives Code is only the continuation of a saga that began with the signing of the agreement between the governor of Puerto Rico, Pedro Pierluisi and the Dominican president, Luis Abinader, of a strategic alliance to promote exchange and cooperation between both countries.

Dominican labor  

Both the secretary of the Department of Economic Development and Commerce of Puerto Rico, as well as the representative of the Commercial Office of Puerto Rico in the Dominican Republic, established that the Puerto Rican Government has approximately US$50,000 million for the reconstruction of the country in the name of deterioration in force since 2017 with the passage of several hurricanes, earthquakes, and the Covid 19 pandemic, for which labor, equipment, and technology are needed, which has propelled the increase in job opportunities.

“Puerto Rico offers many opportunities and incentives, in all areas. The Dominican Republic is our friend, our neighbor, so we decided to come here first and present the opportunities and incentives that Puerto Rico can offer in manufacturing industries, creative industries, tourism, opportunities for individuals, and many others,” said Nelson Torres Martínez.

Also, Cidre Miranda that “we can combine both and be successful (RD and PR), why both go hungry if we can share the plate?” she stated while exposing a personal perception that between the Dominican Republic and the Isla del Encanto there should be no visa limitations, instead of a “green card” that allows you to visit each other whenever you want.

Manuel Cidre Miranda indicated that “it is clear” that there is an excellent commercial relationship between the Dominican Republic and Puerto Rico based essentially on food and agricultural products; from his nation’s priorities, chemical elements, technology, and services are gaining strength and tourism.

“Looking ahead, there are a large number of businessmen who are very interested in participating in the economic development of the Dominican Republic, which is an example in the region, and many Dominican businessmen willing to enter Puerto Rico in light of the recovery as a result of the different events and the entry of over US$50,000 million for the reconstruction of the country.”