Gov’t has secured $176 million in reshoring commitments

By The Star Staff

Puerto Rico has secured investment commitments totaling $176 million and created 1,533 jobs, resulting in an estimated payroll of $117 million since an executive order was enacted to promote reshoring.

Gov. Jenniffer González Colón, along with Economic Development and Commerce Secretary Sebastián Negrón Reichard, recently met with industry leaders and members of the Reshoring Task Force, which includes the Department of Economic Development and Commerce (DDEC by its acronym in Spanish), Puerto Rico Federal Affairs Administration (PRFAA), and InvestPR. The meeting aimed to discuss the progress made so far and outline the next steps to further promote reshoring in Puerto Rico.

Reshoring, also known as inshoring or onshoring, is the practice of bringing manufacturing and other business operations back to a company’s home country after they have been relocated to a foreign country, often to reduce costs.

During the meeting, the governor announced four key initiatives: the Executive Concierge, the Puerto Rico Workforce Reshoring Fund, the Incentives Master Grant, and the Puerto Rico Reshoring Roadshow.

“Our strategy is working. Companies such as Stryker (Humacao), FDI Clinical Research (San Juan), Viant Puerto Rico (Vega Baja), Great Lake SolX (Aguadilla), Dot AI (Barceloneta), and ABB (Arecibo) have chosen our island to relocate and expand their operations,” the governor stated.

“This week, we will announce two more significant expansions that will demonstrate that additional companies trust Puerto Rico as an investment destination and as a solution to the challenges faced by the U.S. supply chain,” González Colón added. “We provide these companies with tariff-free access to the U.S. market, a highly trained workforce, a competitive incentive ecosystem, and comprehensive government support, all of which facilitate the reshoring process.”

Negrón Reichard emphasized the DDEC’s role as a one-stop center for investments, and outlined the “four transformative initiatives” noted by the governor.

The DDEC secretary said three specialized committees of the Reshoring Task Force, along with the industry advisory group focusing on Ease of Doing Business, Workforce Development, and the Executive Concierge, have been meeting to propose initiatives that the DDEC is currently implementing.

The Executive Concierge, he said, enhances investor services by coordinating with various government agencies (including local municipalities) to provide specialized services requested by applicants. It offers comprehensive support for anchor projects and has been actively meeting with industry leaders, digitizing cases, and coordinating services with agencies such as LUMA Energy, the Department of Natural and Environmental Resources, the Permits Management Office and the Puerto Rico Industrial Development Company. To date, Negrón Reichard said, the Executive Concierge has collaborated with various government agencies and municipalities to expedite requests from more than 20 companies.

The Puerto Rico Workforce Reshoring Fund, meanwhile, aims to transform and streamline talent development. A request for proposals will be launched soon to analyze talent gaps in critical sectors, including biopharmaceuticals, medical devices, aerospace, IT, agritech, and advanced manufacturing, the DDEC secretary said. The initiative will design educational programs aligned with industry needs and create self-sustaining financial mechanisms.

The Workforce Development Committee, formed to align the educational system with industry requirements and address talent gaps, began conducting quarterly forums between academia and industry in August. The next forum is scheduled for November, during which the committee will also compile regulations that hinder workforce development and continue reviewing incentives.

The Incentives Master Grant is a pilot project that consolidates benefits for manufacturing, exports and energy, allowing for greater flexibility in relocating mixed operations, Negrón Reichard noted.

Finally, the Puerto Rico Reshoring Roadshow will feature a series of events held both in and outside of Puerto Rico to attract business executives and global leaders to promote investment. InvestPR and the DDEC will spearhead the events next year, bringing together CEOs and global leaders to showcase Puerto Rico’s competitive advantages, promote investment opportunities and encourage networking.