• The San Juan Daily Star

COR3 signs strategic marketing pacts with medical devices, tourism sectors

Manuel Laboy Rivera, executive director of the Central Office for Recovery, Reconstruction and Resilience of Puerto Rico

By The Star Staff

Following a series of roundtables, the Central Office for Recovery, Reconstruction and Resilience of Puerto Rico (COR3) has signed two collaborative agreements with the medical devices and tourism sectors to obtain data that will allow for the development of strategic marketing plans that promote investment in the island.

The announcement was made by COR3 Executive Director Manuel Laboy Rivera on Wednesday.

“The reconstruction process will modernize our road, electrical, maritime, air and recreational infrastructure, among other core changes to promote the economic development of Puerto Rico,” Laboy Rivera said. “Through these collaborative agreements, we will have the necessary information so that the organizations that have the task of attracting investment to the island can develop promotion plans showing the progress of the reconstruction projects and the valuable contribution they represent to strengthen the business environment on the island.”

The first collaborative agreement was established between COR3, the Department of Economic Development and Commerce, Invest PR, and the Medical Devices Cluster (MDC), the latter being the organization that groups companies in the vital economic sector that maintain operations on the island. As part of the efforts, the entities and organizations will soon meet to begin exchanging information that will allow them to execute their respective action plans.

Puerto Rico has some 30 medical device companies, including a dozen of the most recognized worldwide. Through the agreement, investors will learn how reconstruction projects will make their operations more resilient.

MDC President Iliette M. Frontera said “being able to connect reconstruction investments to the environment of our existing and future medical devices operations and our suppliers is essential when it comes to articulating the value proposition of doing business in Puerto Rico.”

“Understanding the concurrent reconstruction efforts gives us the opportunity to integrate and collaborate by outlining a strategic plan where we accelerate the efforts and in turn strengthen our ecosystem in essential areas such as infrastructure,” she added.

Rodrick Miller, principal official of Invest PR, highlighted meanwhile that “we are living in a historical moment of socioeconomic transformation never seen in Puerto Rico.”

“Invest PR’s central mission is to promote the island’s potential as an investment destination, but it is a task that cannot be achieved alone,” he said. “For us it is a vital part of our mission to be part of collaborations like this one, which pursue the reconstruction of key infrastructure for economic development.”

Tourism in Puerto Rico has boomed in recent months as a sign of recovery after the crisis generated by the spread of COVID-19. Considering this factor and the opportunities that reconstruction projects represent to support the development of the tourism sector, COR3 signed a collaborative agreement with Discover Puerto Rico and the Foundation for Puerto Rico.

The agreement calls for the identification of tourist interest spots around the island to prepare a detailed plan that shows how reconstruction projects in municipalities, government agencies and non-profit institutions will attract the interest of visitors, as well as investors.

“The improvements to the infrastructure affected by the recent disasters will bring great benefits to our inhabitants and will optimize the experience of visitors, who this year have returned to the island in what is shaping up to be a historic recovery for the tourism industry,” Discover Puerto Rico CEO Brad Dean said. “The agreement with COR3 will allow us to market the renewed infrastructure of Puerto Rico among our visitors and future travelers. The achievements of the reconstruction will be an advantage in the marketing of Puerto Rico as a renewed destination for business and tourism.”

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