Monish Pabrai among business leaders that highlight Puerto Rico as one of the best places for businesses in America

Incentives, world-class infrastructure and human resources make the Island a perfect place to establish or relocate companies' operations.

Aug 03, 2015, 10:07 ET from Puerto Rico Department of Economic Development and Commerce

SAN JUAN, Puerto Rico, Aug. 3, 2015 /PRNewswire/ -- Excellent business incentives, highly educated and skilled human capital, and various opportunities to promote international growth, make Puerto Rico the best kept secret to make business, according to a group of international entrepreneurs.

The executives remarks about the attributes of the Island as a business destination are part of the video series "Business Advocates: In their own words", created by the Puerto Rico Department of Economic Development and Commerce (PRDEDC), as a component of the agency's continued efforts to promote Puerto Rico as a key business and investment destination. "As members of the Economic Development team, we continue forward with our efforts to diversify the local economy towards a knowledge-based economy that will take advantage the opportunities given by globalization. Who better than recognized entrepreneurs to validate that Puerto Rico continue to be an ideal destination for business. Puerto Rico continues strong on its path to reorganization and to encourage economic growth", said Alberto Baco Bague, Secretary of the Department of Economic Development and Commerce.

The series complements the new promotional campaign for the Business in Puerto Rico program, focused on promoting Puerto Rico as a business and investment destination. "The campaign addresses the recent media coverage about Puerto Rico's fiscal situation, by presenting the other side of the story: the many opportunities available to potential investors, including attractive business incentives and a great quality of life", added Baco Bague.

The video series features entrepreneurs such as Monish Pabrai, Managing Partner of Pabrai Investments; Brent Skoda, President of Ahkeo Holdings; and Chris Cannon, CEO of Zurixx, are among some of the business leaders that have relocated the operations of their companies in Puerto Rico and serve as spokespersons of the Island, emphasizing the benefits provided by the Puerto Rico government through investment attraction initiatives.

Pabrai indicated that "Puerto Rico has all the ingredients to be a top contender in the international business scenario. I like to think of it as a best kept secret". Pabrai highlighted the importance of the incentives and benefits provided by Act 20 and Act 22 to attract businesses to the Island.  "They are two very forward-looking, well-thought acts that provide a win-win formula for everyone", said the investment executive prior to concluding that "the combination of Act 20 and Act 22 with the infrastructure available in the Island, with the fact that it's part of the United States, the proximity and good connections to the U.S. mainland, makes it a no-brainer".

Cannon emphasized that, apart from the business incentives, the quality of the local human resources was one of the main factors for relocating the operations of the company from its former headquarters in Utah. "We were deeply impressed with the quality of the workforce, which among all factors is the most important to us, the commitment to excellence and their education level. We are amazed by the level of education and the amount of education of the people we are hiring. The quality of their work ethics is very different from what we can find in Utah". The executive also pointed out how easy and gratifying it is been to find highly-capable personnel to work at the different areas of their company. "All we need to operate our business successfully is in Puerto Rico", Cannon added.

The executive also pointed out the quality of life and school education available in Puerto Rico, which he said are as attractive as the business incentives provided by the government. "People are very nice, it's a warm culture, and the education opportunities for children are fantastic", he concluded.

Meanwhile, Skoda indicated that the opportunities in Puerto Rico are "absolutely tremendous". The executive narrated candidly his experience with the PRDEDC team, highlighting their accessibility, enthusiasm, and collaboration to establish the operations of his business in the Island. "The acts and the variety of incentives they have put together are absolutely outstanding", he said. The executive added that "doesn't matter what kind of business you have: manufacture, services export or products; the incentives provided by the government of Puerto Rico are an excellent opportunity to boost growth, while motivating the creation of jobs and activating the local economy".

The videos of the "Business Advocates: In their own words" are available to the public at www.businessinpuertorico.com and at its You Tube channel at www.youtube.com/BusinessinPR.

About the Puerto Rico Department of Economic Development and Commerce

The Puerto Rico Department of Economic Development and Commerce (PRDEDC) is responsible for implementing and supervising the execution of Puerto Rico's public policy on economic development in the various entrepreneurial sectors of manufacture, commerce, tourism, and services. In addition, the Department is responsible for promoting a stable and sustainable private sector that considers the globalization of today's economy. The Department is committed to the implementation of strategies that foster investment, create jobs and improve the quality of life on the island. The Department is comprised of 11 government organizations that include agencies and corporations focused on various economic segments.

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SOURCE Puerto Rico Department of Economic Development and Commerce



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