March 1, 2004—San Juan, Puerto Rico, is the number one location to do business in the United States, according to a recent study by KPMG LLP, the audit, tax and advisory firm. San Juan was found to have the lowest business operating costs among the 44 U.S. cities examined in the study. The firm also named San Juan the most fiscally efficient location for corporate service operations as compared to other U.S. and international metropolitan areas.
When measured against 98 other cities around the world, KPMG also ranked San Juan as the number one most cost effective city for medical device manufacturing, the second least expensive city for the telecommunications industry, the third least expensive city to assemble electronics and the fourth least expensive city for pharmaceutical production.
San Juan’s top rating comes as no surprise to the Commonwealth of Puerto Rico’s Secretary of Economic Development and Commerce, Milton Segarra. When asked what made Puerto Rico such an attractive corporate site he replied, “We have the existing infrastructure, a strategic location, state-of-the-art communications and a highly educated population that make Puerto Rico an ideal business environment, no matter what industry you are in.”
Segarra made the observation that several additional factors enable Puerto Rico to compete as a premier location on a global scale, “Thanks to our vibrant pharmaceutical industry and our strong manufacturing base, many multinationals are not only opening operations in Puerto Rico, but are expanding their current activities on the Island. This is a direct reflection of our solid economy and of the healthy atmosphere in which companies can invest and conduct business.”
Several corporations are taking advantage of the competitive edge Puerto Rico offers over other cities as a result of its low labor costs and other benefits. Hewlett Packard, Pfizer and Baxter International Incorporated are among the global companies that have facilities on the Island. More than half of the Fortune 100 companies now utilize Puerto Rico’s productive and committed workforce.
Although manufacturing is the Island’s largest industry, pharmaceutical production, research & development and software design currently account for a high percentage of Puerto Rico’s employment. This emergence of a multitude of industries is made possible by Puerto Rico’s dynamic infrastructure, which utilizes the Island’s intellectual capital to strengthen innovation and foster partnerships that lead to ventures in technological areas.
For more information, contact the Puerto Rico Industrial Development Company.
