The Puerto Rico Department of Economic Development and Commerce (DDEC) is responsible for implementing and supervising the execution of Puerto Rico’s public policy on economic development in the various entrepreneurial sectors of manufacture, commerce, tourism, and services. In addition, the Department is responsible for promoting a stable and sustainable private sector that considers the globalization of today’s economy. The Department is committed to the implementation of strategies that foster investment, create jobs and improve the quality of life on the island.
The DEDC is composed of 11 government instrumentalities that include agencies and public corporations focused on different economic sectors and initiatives:
The Puerto Rico Industrial Development Company (PRIDCO) is a public corporation dedicated to promoting Puerto Rico as an investment destination among companies and industries worldwide. Since 1950, PRIDCO has led the transition of Puerto Rico from an agrarian to an industrial economy. PRIDCO continues to drive the economy of Puerto Rico, focusing on the promotion of hi-tech industries between the manufacturing, science & technology, and service sectors. This attraction of industries is possible because of the advantages that Puerto Rico offers in areas such as competitive incentives, a highly skilled labor force, adequate infrastructure and a pro-business climate.
The Puerto Rico Tourism Company (PRTC) stimulates, promotes, and regulates the development of the tourism industry on the Island. The PRTC also provides orientation on tax exemption benefits under the Tourism Incentives Law and the Tourism Development Law, regulates and oversees gaming operations, gives direction on the solicitation of permits and licenses, and inspects companies that offer tourism-related activities. The PRTC also promotes and advertises Puerto Rico as the ideal vacation destination.
The Puerto Rico Trade Company’s (CCE) vision is to promote the development of commerce with a special emphasis on small and medium businesses and the exportation of Puerto Rican products and services. From the elaboration of a business plan to promote exports, the agency takes you step-by-step in the process of establishing and or expanding your business. They provide guidance, technical assistance and advice on funding sources, applicable laws on trading, orientation on export plans, business education, and incentives under the Jobs Now Act.
The Puerto Rico Film Commission’s mission is to generate the economic advancement of Puerto Rico by promoting the development of the audiovisual industry. Their primary inducement is a competitive tax credit film program, featuring one of the highest tax incentives offered by any film commission. Acting as a liaison, the Commission helps investors, studios, production companies and independent producers find all the services needed to film their projects in Puerto Rico. They provide assistance with location scouting, permits and clearances, and provide one-on-one consultations on specific wants and needs of film projects.
Its mission is to promote the economic, social, and urban development of lands through optimal management of available resources. It works to foster the well-being, economic freedom, and social justice of Puerto Ricans through an efficient and sustainable of lands, keeping the balance between collective needs and the land’s historical and natural values.
The Office of Industrial Tax Exemption (OITE) is responsible for facilitating the granting of tax incentive exemptions in harmony with the economic policy of Puerto Rico, as to attract, establish, develop, and retain industries in order to create more and better jobs and contribute to the industrial and economic growth of Puerto Rico.
The Horse Racing Sport & Industry Administration (HRIA) supervises, monitors, and strengthens all horse racing activity in Puerto Rico as to protect public investment and participating entities. The Horse Industry contributes a significant economic injection to the revenues and the economy of Puerto Rico, including nearly 8,000 direct and indirect employments.
The Authority is in charge of the redevelopment of the land and facilities located at Roosevelt Roads. The redevelopment of the old Roosevelt Roads Navy facility in Ceiba is a key element in the Government’s strategy to create jobs and reignite the economy of Puerto Rico’s eastern region, including Ceiba, Naguabo, Vieques, and Culebra.
The Puerto Rico Convention District is a 113-acre area located in the heart of San Juan. It represents the transformation of the former site of the Miramar Naval and Coast Guard Base into a new community with residential areas, offices, commercial space, entertainment venues, as well as civic and cultural activities facilities.
Puerto Rico occupies a privileged geographic position along the Mona Passage, an important shipping route between the Atlantic Ocean and the Panama Canal. The Port of the Americas will have the capacity to serve Post-Panamax and Panamax vessels and will serve as a world-class international transshipment port for carrying out value-added activities.