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Fomento Al Talento

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Puerto Rico is on the cusp of a powerful opportunity to drive job creation in the aerospace sector. However, the graduate schools must increase enrollment in STEM programs by one order of magnitude in order to maintain job-creation and entrepreneurial momentum.

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Fomento Al Talento

  1. 1. Fomento al Talento Marcos J. Polanco Director Information & Communication Technologies Puerto Rico Industrial Development Company
  2. 2. What is the Puerto Rico Industrial Development Company? • Puerto Rico’s official investment promotion agency • Manufacturing focus since 1942 • Generating jobs through the development of a vibrant knowledge economy, particularly in the biosciences, information technology and aerospace sectors • Offers business intelligence, facility selection, project management support, investment incentives and one-stop customer service • Hosts over 1,400 client firms, responsible for over 11% of Puerto Rico’s workforce
  3. 3. Capital Follows Talent
  4. 4. Talent for Aerospace
  5. 5. What is Aerospace?
  6. 6. Robust Growth…
  7. 7. …Threatened by Talent Crunch Knowledge Work Cannot Go Abroad Retiring Workforce Tight Talent Supply
  8. 8. Deep Source of Quality Talent
  9. 9. Over 2,000 Career Opportunities!
  10. 10. Navigating the Future
  11. 11. Puerto Rico Economic Incentives …is a lucrative proposition DIVIDENDS 0% Tax 4% general scenario INCOME TAX RATES CDORH R&D Supply 25% Purchase of products WIA Funds Training 50% Chain manufactured in PR Up to 5K / job creation SALARIES during its 1st year operation 10% Electricity Tax Credit UTILITIES 50% Renewable Energy Tax Credit 100% deduction of investment MACHINERY & EQUIPMENT INFRASTRUCTURE PRIDCO Match Funds LEASE $3-$8 p2 Rico… Investing in Puerto Rico… PRIDI FINANCING 100% Exempt Bonds
  12. 12. Math & Science Schools – Caguas & Carolina
  13. 13. Operación Éxito
  14. 14. NSF/UPR Math & Science Partnership Program
  15. 15. PUPR Puerto Rico Institute of Robotics
  16. 16. PRIDCO Scholarships for Teachers & Students
  17. 17. National Science Foundation Engineering Research Centers
  18. 18. PRIDCO for Entrepreneurs
  19. 19. Inspecting the Data
  20. 20. Undergraduate & Graduate Enrollment in Selected Institutions Undergraduate Graduate Degrees Degrees U. of Michigan 1068 762 Georgia Tech 1475 747 Cornell 714 579 U. of Florida 851 532 Puerto Rico 631 51 Source: American Society for Engineering Education, 2006-2007
  21. 21. Aerospace Challenge - Tools • 50% tax credit for research & development • 100% tax exemption (capped) for top university researchers attracting federal funding • Special Fund for Economic Development (Act #73, Section 17) – 17(1) Special incentives for scientific and technical research and the development of new industrial products and processes, which may be carried out, among others, directly or in agreements with government agencies or public and private universities or with any natural or juridical persons with knowledge and experience… – 17(8)Provide special incentives for research and development directed to bioscience, information technology, bio-medics, and aeronautical engineering. – 17(10)(e)The establishment of educational programs at all levels with emphasis on languages, sciences and mathematics.
  22. 22. Marcos Polanco Director Information & Communication Technologies, Engineering & Aerospace Puerto Rico Industrial Development Company 787-759-7578 (PR) mpolanco@pridco.com www.pridco.com

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