Highlight: How Americas Competitiveness Exchange Fosters Collaboration and Foreign Direct Investment Across the Globe
Fifty leaders from the Americas and beyond visited more than 20 sites to create multisectoral learning and exchange opportunity during the 11th Americas Competitiveness Exchange (ACE) in Puerto Rico, United States, on May 18-25, 2019.
Puerto Rico opened its doors to leaders from the private sector, academia, and government to share the island’s successes in entrepreneurial development, biotech, and pharma, academic research, aerospace, and aeronautics. The hosts discussed the challenges following Hurricane Maria and highlighted best practices they have since developed, making it clear that the island’s most significant competitive advantage is the resiliency of its people. This resilience is the energy that powers Puerto Rico to thrive and become a critical strategic partner for the Americas and regions across the globe.
In addition to offering valuable knowledge and unique opportunities for collaboration, Puerto Rico made clear how they have become a strategic soft-landing destination for businesses interested in entering the U.S.
Since Puerto Rico has the same ground-rules for doing business as the rest of the U.S., companies from around the world find the Island an attractive platform to start and expand operations. For example, a leader from Brazil approached representatives from the Puerto Rico Department of Economic Development and Commerce to establish an aerospace cabling company in Puerto Rico. Puerto Rico is already working on landing the company just like they landed Lufthansa Technik Puerto Rico in 2015.
ACE encourages global and regional economic development best practices. Exposure to a wide international audience helps to attract and stimulate investment, including Foreign Direct Investment.