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Puerto Rico is taking a different strategy to
attract investment in the research and development sector. The idea
is to change the perception that the Commonwealth is simply a manufacturing
hub and to establish an environment where companies will not only
engage in manufacture but discover and develop products and processes
as well. The Puerto Rican government believes that this new research
layer is critical to strengthening this sector on the Island.
Time has shown that Puerto Rico is tailor-made
to address the needs of today’s most advanced research and
development initiatives. Almost every major pharmaceutical company
already has operations in Puerto Rico, resulting in ready-made synergies
for new businesses. The government is highly organized in its negotiations
with companies looking to bring new business to the Island, an efficiency
that potential partners find appealing. Also, companies appreciate
the combination of experienced labor, respect for intellectual property,
and, of course, generous tax incentives provided by the commonwealth.
The Puerto Rican government has made a number of
investments to foster the development of this industry in Puerto
Rico. Importantly, the foundation being laid is grounded not only
in manufacturing, but also in establishing a research and development
base on the Island.
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