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People have seen how Caribbean countries and countries with less complex economies than Puerto Rico are more efficient and attracting attention from foreign direct investment. Take the microprocessor company INTEL, for example, which has begun to expand its operations in Costa Rica.
We saw how the Dominican Republic attracted the attention of companies in the same industry, locating them less than 250 miles from San Juan. Insisting that these economies could not compare to Puerto Rico, it caught my intellectual attention and I began to research and look for the elements that made states like Indiana and North Carolina attractive places to invest.
First: On May 24, 2024, Eli Lilly announced a $5.3 billion investment in a town that had already invested $3.7 billion. Not only did they get the best results out of the first $1 billion investment, but they also raised the total investment to $9 billion. This money is almost part of the central administrative budget of the Puerto Rican government.
Second: Indiana also received $2 billion in microprocessor manufacturing projects in the U.S. States such as New York and Upstate invested $100 billion, Arizona invested $60 billion, Texas invested $47 billion, and Ohio invested $20 billion.
Puerto Rico has done nothing to attract at least 1% of total investment.
Third: In North Carolina, Eli Lilly is doubling its investment in facilities and equipment to $2 billion. Toyota expects to invest $14 billion in electric vehicle battery plants in Liberty, North Carolina, hiring 5,000 workers next year. In April, Fujifilm announced an additional $1.2 billion investment, bringing the total investment in its biotech plant in Holly Springs to $3.2 billion. The plant is looking to hire 1,400 high-tech jobs…with good pay.
So what is it about Indiana and North Carolina that makes them so attractive for investment?
North Carolina is a state Easier to do businessIndiana ranked sixth, with its complex licensing system severely disadvantaged both.
Indiana and North Carolina both come from “The “top ten” U.S. territories with the highest and best economic freedom. Puerto Rico ranked last within the United States. More concerning is how Puerto Rico compares to Canadian provinces and Mexican states. Only Zacatecas is worse than Puerto Rico.
At that time Issuing public debtboth states have “AAA” rating. Puerto Rico is currently classified as “D” with a negative outlook.
To simplify the data: the cost of living on the island of Puerto Rico is 50% higher than the cost of living in Indiana and North Carolina.
As a country, we urgently need to take actions that will create attractive conditions for local and foreign investment. Our families need it.
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