Introduction PUERTO RICO
Puerto Rico, officially known as the Commonwealth of Puerto Rico, is an unincorporated territory of the United States with self-governing status. It is located in the northeastern Caribbean, between the Dominican Republic and the Virgin Islands. In 1917 Puerto Ricans officially became full American citizens, however, it has its own constitution to manage its internal affairs. It work under federal rules but it has fiscal autonomy.
Puerto Rico’s official languages are Spanish and English, giving the island a great advantage in doing business with both the United States and Latin America. In addition to all of the above, the island is an ideal destination to experience the charm of the Caribbean, with sandy beaches, mountains, valleys, and most importantly its friendly and welcoming people.
Despite its undeniable attractions and strengths, local and global conditions have not always been lenient with this beautiful island. The island is still recovering from the destruction that was caused by Hurricanes Irma and Maria in 2017 and a series of earthquakes in January 2020. The Covid-19 pandemic has adversely affected Puerto Rico as it has much of the world.
However, Puerto Ricans are optimistic and have a hopeful view of the future. The different economic sectors and industries of the island have quickly adapted to the new reality imposed by covid-19 and have demonstrated resilience and strength in these times of changes and challenges.
Some of the key economic sectors of the island presented in this report include: The Health Sector, represents one of the most important economic activities in the island and includes various fields that can range from the provision of health services, to the pharmaceutical industry. The pharmaceutical industry and the bio pharmaceutical industry has a large impact on the economic and social sustainability of Puerto Rico.
Other important sector is Higher Education. Good educational levels, affordable tuition fees, and a bilingual culture make it the ideal choice for students from the US and
Latin America. Moreover, universities have adapted to these times by implementing different teaching modalities and employing new technological platforms to make education accessible to all students.
In the area of finance, the island offers companies experienced banking and insurance markets, with financial experts in U.S. and international laws and regulations. Puerto Rico stands to be an international leader in the finance and insurance industries.
As for the construction sector, the crises that have hit Puerto Rico in the last three years, have not diminished the need for the construction of housing and other types of buildings and have increased opportunities in this important economic sector, which is fundamental to ensure the security of infrastructure and economic development.
Last but not least, the development and implementation of Information Technology tools in Puerto Rico have been essential in contributing to the island’s economic diversity, development, and competitiveness. There has been a boom in innovative technology that extend to every industry.