Puerto Rico is renowned for its diverse landscapes. The territory packs in a mountain range, a tropical rainforest and some of the most spectacular waterfalls on earth. Not bad for a small Caribbean island.
Puerto Rico is not only notable for its spectacular scenery – the island boasts the highest GDP per capita in Latin America. As a territory of the United States, Puerto Rico is blessed with excellent infrastructure. With the exception of a number of patent laws, US Federal Law applies to the island.
Puerto Rico’s economy is driven largely by manufacturing, which makes up around 46.4% of GDP – the territory is home to around 2,000 manufacturing plants and factories. Industry is overseen by PRIDCO (the Puerto Rico Industrial Development Company) which provides incentives for firms to invest in the island. The pharmaceutical industry accounts for around half of all manufacturing and half of total exports. Puerto Rico is the world’s third largest manufacturer of biotechnology, and the seventh largest exporter of medical equipment.
The service sector accounts for 12.5% of Puerto Rico’s GDP. As in most Caribbean islands, tourism plays an important role in Puerto Rico’s economy. Around 5 million tourists – mostly from the USA – visit the island every year.
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