Business Profile

Economy : Puerto Rico has few natural resources, although some nickel and copper have been located. Manufacturing has overtaken agriculture as the main source of income following an intensive programme of industrialisation by the Government. The main products are pharmaceuticals, electrical and electronic equipment, processed food, textiles, clothing, rum, petrochemicals and refined oil. There is a foreign free-trade zone at Mayagüez. In the agricultural sector, dairy and livestock produce is now more important than sugar cane, the island's main crop. Fresh fruit and vegetables are grown for export. Tourism is the main service industry and has undergone steady growth in recent years; the sector is now worth more than US$2 billion annually. Another major source of revenue for the territory derived from a US naval base on the island of Vieques. Although employing over 6,000 people and injecting an estimated $300 million annually into the economy, it was widely unpopular with islanders; after sustained pressure, the closure of the base was announced in 2003.
Puerto Rico has observer status at the Caribbean trading bloc, CARICOM. The USA and its corporations dominate both the domestic economy and overall trade patterns, although Puerto Rico has important trading links of its own with Japan, the Dominican Republic and Venezuela. The US Government is in the process of removing certain tax exemptions enjoyed by US and foreign investors in Puerto Rico; the economic impact of this is as yet unclear but is causing concern in the territory.

Business Etiquette : ? GDP: US$68.95 billion.
? Main exports: Chemicals, electronics, tinned tuna, rum and medical equipment.
? Main imports: Clothing, petroleum and foodstuffs.
? Main trade partners: USA, Ireland, The Netherlands, Japan and the Dominican Republic.

A knowledge of Spanish (the official language) is very useful, although English is widely spoken; most people in the tourist industry and the greater metropolitan areas are bilingual. Lightweight suits are advised for business meetings. Office hours: Mon-Fri 0900-1800. Government office hours: Mon-Fri 0830-1630.

Commercial Information : Chamber of Commerce of Puerto Rico
PO Box 9024033, San Juan, Puerto Rico
Tel: 721 6060/82.
Website: www.camarapr.org 

    

      

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