The recent Memorandum of Understanding (MOU) between Accipital, an international alternative assets investment management firm, and DECA Analytics, a Puerto Rico-based corporate advisory firm, marks a significant step towards enhancing Puerto Rico's appeal to South Korean businesses. This partnership is set to leverage Puerto Rico's Tax Incentive Code (Act No. 60-2019) to attract South Korean companies looking to expand into the U.S. market, offering them a gateway through Puerto Rico's favorable economic environment.
Act 60 provides a range of benefits designed to encourage foreign investment, including tax exemptions and incentives for companies establishing operations on the island. The collaboration between Accipital and DECA Analytics aims to demystify these incentives for South Korean firms, combining Accipital's financial expertise with DECA's local knowledge to facilitate a smooth entry into the Puerto Rican market. Corey Hawk of Accipital pointed out the untapped potential of South Korean investment in Puerto Rico, emphasizing the strategic advantage of their combined networks.
Aurelio Fuentes of DECA Analytics highlighted the broader economic benefits of attracting South Korean companies, from job creation to fostering innovation. The partnership plans to conduct targeted outreach, including webinars and consultations, to showcase Puerto Rico's competitive edge. This initiative not only aims to diversify Puerto Rico's economy but also to strengthen its ties with East Asia, positioning the island as a global business hub.
The focus on South Korean companies underlines Puerto Rico's strategic approach to foreign investment, leveraging its unique status within the U.S. to offer distinct advantages. The potential influx of South Korean businesses could introduce new technologies and practices, further enriching Puerto Rico's economic landscape. For South Korean firms, Puerto Rico offers a strategic location with access to the U.S. market, coupled with significant tax benefits, making it an attractive option for expansion.
This partnership could serve as a blueprint for future efforts to attract international investment to Puerto Rico, demonstrating the island's commitment to economic growth and global engagement. As the initiative progresses, it may well redefine Puerto Rico's role in the international business community, offering a model for other regions seeking to enhance their economic appeal through targeted partnerships and incentives.
