Puerto Rico, current situation and presence of Spanish companies

Abstract

Puerto Rico went from being a Spanish colony to a Free Associated State (FAS) of United States. However, historic and cultural ties between the Island and Spain remain still alive.

As opposed to popular belief, agriculture and tourism are not Puerto Rico’s main economic drivers. The pharmaceutical industry is. Its products represent the vast majority of Spanish imports from Puerto Rico. On the other side, Spanish exports on the Island mainly consist on petroleum-based fuels, organic chemicals, ceramics and food products such as Spanish wine and olive oil.

Although Puerto Rico has its own government under the ELA status, the Island has the same customs, currency and legal framework as the US. This particular relationship implies political, economic and legal stability and has benefited Spanish companies from different sectors. Many Spanish firms invest on Puerto Rico as a way to enter in the US market. Furthermore, Puerto Rico offers new opportunities with an attractive tax incentives code and a large amount arrival of federal funds designed to the housing sector, water industry, energy sector and infrastructure.

Puerto Rico faces many challenges. From Spain’s Economical and Commercial Office in San Juan, we encourage Spanish companies to take advantage of their know-how and experience to play a relevant role in the Island’s future.