A new website, Invest.gov, has been launched to showcase private and public investments in all the states and territories of the United States. Puerto Rico is included.
The site’s interactive tools show the investments made in Puerto Rico during the Biden-Harris Administration. They begin with 200 million dollars of private investment in biomanufacturing and go on to list billions in government support.
Private investment
Puerto Rico tax incentives have typically benefited multinational corporations and wealthy visitors with minimal creation of new jobs or permanent investments in the community. However, some companies have shown that they are ready to make real investments in Puerto Rico.
Biosimilar Solutions, Inc. is investing $200 million in Aguadilla to establish a factory that will produce biosimilar medications — that is, generic drugs based on some of the blockbuster pharmaceuticals which are losing their patents soon. This project should provide 350 jobs and bring new revenue into the community.
Cytolmmune Therapies is putting $28 million into new cancer treatments in Toa Baja. The facility is expected to create 100 new jobs.
Rebuilding infrastructure
The federal government has poured $1.1 billion into rebuilding Puerto Rico’s infrastructure. Some of the specific expenditures listed:
