So far, officials have identified between 75 to 100 companies that might consider relocating operations to Puerto Rico given the ongoing trade war, said Ella Woger Nieves, CEO of Invest Puerto Rico, a public-private partnership that promotes the island as a business and investment destination. By the late 1970s, a growing number of pharmaceutical companies began moving their operations to Puerto Rico, lured by a federal tax incentive created in 1976 to help boost the island’s economic growth. In 2024, the island exported nearly $25 billion worth of goods, including $11 billion worth of vaccines and certain cultures; $7 billion worth of packaged medicaments; $1 billion worth of hormones; $984 million worth of orthopedic items; and $625 million worth of medical instruments, according to the Observatory of Economic Complexity.
Author: DÁNICA COTO Associated Press
Published at: 2025-05-11 22:06:26
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