Above: Governor Luis Fortuño
By the Caribbean Journal staff
Puerto Rico has become a “more attractive place to do business” with a reduced corporate tax burden for companies looking to invest in the island, Governor Luis Fortuño said at the announcement of an expanded presence by Bard Shannon, Ltd.
The healthcare products company announced that it would be undertaking a $43 million expansion, one that would reportedly result in 200 new permanent jobs.
“Puerto Rico has the ability to strengthen itself as a centre for manufacturing,” Fortuño said. “Today, we are seeing an example of a manufacturer that believes in more than the value of its product; it believes in the ability of Puerto Ricans.”
Bard will transfer the manufacturing of over 31 products in its inventory to a new plant in Puerto Rico.
According to Fortuño, exports and imports have improved on the island compared to the last fiscal year.
“This expansion does not occur in a vacuum,” the Governor said.
In fiscal year 2011, exports amounted to just under $65 million, an annual increase of 5.2 percent compared to 2010.
“I am proud to announce this expansion and improvement in this sector,” he said. “This news is evidence of the confidence that companies like Bard have in our professionals and in our economy, which every day shows signs of improvement.”
Bard established operations in Puerto Rico in 1981 and currently maintains 466 employees on the island.