The organization has facilitated approximately 25,000 job commitments and attracted over $2 billion in investments since its inception, cementing its pivotal role in Puerto Rico’s economic development. 

San Juan, Puerto Rico – Invest Puerto Rico (InvestPR), the organization tasked with attracting new businesses and capital to the island, has released its results for fiscal year 2023-2024. The organization achieved the establishment of 626 new businesses, generating commitments for 4,900 new jobs and $733 million in investment.

Since its launch in 2018, InvestPR has worked tirelessly to transform Puerto Rico’s economy and position the island as a competitive, world-class destination for business and investment. To date, its efforts have resulted in commitments for approximately 25,000 jobsand more than $2 billion in investments. 

According to InvestPR’s Chief Executive Officer, Ella Woger-Nieves, these concrete results highlight the organization’s critical role in Puerto Rico’s economic development and reinforce the island’s status as a premier global business destination. 

“We have focused on showcasing Puerto Rico’s unique advantages as a business destination, and the numbers speak for themselves. From awareness campaigns to international trade missions, every effort has aimed to attract high-impact companies, create quality jobs, and build a more prosperous and competitive economy for the island. This progress would not have been possible without the collaboration of our partners and allies who share our vision for a brighter future for Puerto Rico,” said Woger-Nieves. 

A standout achievement this year was the launch of Puerto Rico’s second international business destination campaign, “It’s not what’s next, it’s where,” targeting the United States, Canada, and select markets in Europe and Central Asia. The campaign highlighted the island’s unique value proposition and focused on elevating the profile of sectors such as biosciences, aerospace, technology, and energy, aiming to counter misconceptions and boost interest in Puerto Rico.  

Throughout the fiscal year, InvestPR’s promotional efforts garnered coverage in high-profile international media outlets, including Forbes, The New York Times, The Wall Street Journal, Fast Company, INC, and Business Traveler, among others.  

To further enhance Puerto Rico’s global reputation as a business destination, InvestPR participated in more than 90 trade events, conferences, and conventions worldwide, including the BIO International Convention, SelectUSA, SXSW, MedTech, and Web Summit. The organization also carried out trade missions to key markets with high interest in the island’s value proposition, such as India, Germany, Spain, and the United Kingdom, as well as six familiarization trips (fam tours) to Puerto Rico with site selectors and international media to showcase the island’s capabilities firsthand.

“Promotional initiatives executed throughout the year have gradually shifted global perceptions of Puerto Rico, helping us demonstrate that the island has the talent and opportunities needed to compete on a global scale. This work is crucial for reframing perceptions and highlighting the island’s unique strengths,” said Nicole Vilalte, InvestPR’s Chief Marketing Officer.  

Strategies that deliver results:

InvestPR’s efforts to promote Puerto Rico, enhance its competitiveness, and develop business opportunities have attracted companies committed to creating new jobs and economic impact, including: 

• Solx, which will establish Puerto Rico’s first solar panel manufacturing facility in Aguadilla, creating 250 specialized jobs and supporting the island’s renewable energy goals.  
• ReAlta Life Sciences, a biotechnology firm that has selected Puerto Rico as its strategic hub for research, development, and manufacturing of innovative therapies, leveraging local talent and resources to drive growth.  
• iTerra Solutions, an advanced defense and technology company, plans to open a state-of-the-art R&D center focused on cyber weapons systems, electronic warfare, and mission engineering. Over the next five years, the company expects to expand its workforce to 50 specialized roles in Puerto Rico’s growing tech ecosystem. 

To attract investments, InvestPR has implemented business tools that have proven essential, including:  

• Impeller a platform that connects investors with high-potential projects, generated over 40 jobs and helped raise nearly $14 million in capital this year.  
• Panoramica, a hub for startup and venture capital data designed to foster entrepreneurship. 
• The Real Estate Platform, developed with RED Atlas, provides detailed industrial property listings. 
• Workforce Dashboard, an up-to-date resource that connects investors with Puerto Rico’s local talent pool.  

Collaboration was key to InvestPR’s achievements, including initiatives such as: 

• Workforce Compass Program, developed with the Department of Economic Development and Commerce (DEDC), connects businesses with local talent, workforce incentives, and academic resources.  

• Waste-to-X Puerto Rico, in partnership with Newlab, drives pilot projects focused on sustainable recycling and coastal resilience, with a planned second phase addressing energy diversification.  
• Federal partnerships, including with the U.S. Environmental Protection Agency (EPA) and the CHIPS and Science Act program, which have bolstered Puerto Rico’s position as an innovation hub, earning its designation as a Tech Hub in biotechnology.  

“For the 2024-2025 fiscal year, InvestPR will continue to be guided by strategic principles, including a focus on key sectors such as biosciences, technology, aerospace, and professional services; promoting Puerto Rico’s brand in global markets; fostering collaboration with local and international partners; and enhancing efforts to improve competitiveness, among others. The organization remains committed to ensuring the continuity of these strategic initiatives as an essential pillar for the sustainable development of the island. 

To ensure the long-term sustainability of our results and continue strengthening our competitiveness, it is essential to address key factors such as the stability and cost of energy, the alignment of the workforce with current industry demands, the ease of doing business, and the availability of ready-to-use industrial properties. These challenges, along with the implementation of strategic initiatives such as adaptation to the Global Minimum Tax, the expansion of the 21st Century Techforce program, and clear communication about energy infrastructure plans, are crucial to capitalizing on the current momentum and building a brighter future for Puerto Rico. 

‘Looking ahead, our priority will remain consolidating Puerto Rico as a leading destination for global investment and innovation. We are committed to fostering strategic collaborations, leveraging our competitive strengths, and ensuring the continuity of key initiatives that drive the island’s sustainable development. Puerto Rico’s success is not just a goal; it is our mission, and together we will continue building a prosperous future for all,’ concluded Woger-Nieves. 

About Invest Puerto Rico 

Invest Puerto Rico is a nonprofit organization established by law to promote Puerto Rico abroad as a competitive investment jurisdiction, focusing on attracting new businesses and capital to drive the island’s economic growth. Our vision is to be a transformative, results-oriented economic development accelerator for Puerto Rico. For more information, visit www.investpr.org.