By The Star Staff
Caguas Mayor William Miranda Torres granted the first three decrees of the Socioeconomic Development Incentives Code for this year, which represent $750,000 in new committed investment, more than $1.2 million in new annual sales volume and $1.3 million in export volume.
“The Code of Incentives for Socioeconomic Development has been an effective instrument to encourage socio-economic activity in the city, as it promotes the attraction of new companies and encourages the retention and expansion of existing ones,” the mayor said. “This type of benefit has helped us position Caguas as an attractive place for investment, which has laid the groundwork for investors from various sectors to trust our city to create and expand their businesses. 2023 is evidence of this with the arrival of businesses in the entertainment sector, car sales, university institutions, and the expansion and remodeling in the distribution and pharmaceutical industries.”
The beneficiary companies are: Brain Mood Corp., a new technology development company located in the traditional urban center; Hardware Plus Inc., a distributor of hardware for Puerto Rico and the Caribbean; and Taroco S.E., dedicated to real estate services.
With the agreements, the city adds 37 full-time jobs, $1.3 million in annual payroll, $9.6 million in annual sales volume and the commitment to reach 50% in the acquisition of goods and services in Caguas and the central-eastern region.
In effect since 2012, the Socioeconomic Development Incentives Code was designed by Emprende, the Caguas Economic Development Department. So far, 114 decrees have been granted.