Thank you, Manolo, for that introduction. Hello everyone! I’m thrilled to be here to speak with you all about the efforts being made across the Biden-Harris Administration, including over at the Department of Commerce, to support the economic growth and development of Puerto Rico.

I’m so pleased to be joined here by Governor Pierluisi and Secretary Cidre, who you all just heard from. I’d like to take a moment to thank the Secretary and the entire Department of Economic Development and Commerce for hosting this wonderful event.

I have the privilege of serving as President Biden’s Puerto Rico Economic Growth Coordinator, which has given me a front row seat to all the amazing work being accomplished both here in Puerto Rico and in Washington to accelerate Puerto Rico’s recovery and putting the archipelago on a path toward economic prosperity.

Puerto Rico has been a top priority for the Administration since President Biden’s first day in office, and while more work is needed, a year after launching the Economic Dialogue, the tireless efforts of the Administration are contributing to an economic turnaround.

Thanks to the leadership of President Biden, over $100 billion in federal investments are helping the territory manage the obstacles posed by climate change, the government's bankruptcy, and changes in demographics.  

Since 2021, Puerto Rico has added more than 100,000 new jobs – including in construction employment, which is up by more than 30 percent.

Unemployment on the archipelago has reached historic lows – less than six percent – and labor force participation is growing to the highest level in more than a decade. 

The Economic Dialogue that occurred a year ago resulted in four mutually agreed-upon pillars for the economic success of Puerto Rico:

• investments in infrastructure;
• strengthening human capital and the workforce;
• diversifying the economy; and
• improving governance.

Those agreements sparked 57 new initiatives created to achieve those goals. Out of those initiatives, 46 have already been completed. Allow me to share with you just a few of those accomplished initiatives.

As of today, the Puerto Rican government and NGOs have received over $20 billion to initiate thousands of projects supporting the long-awaited reconstruction of the archipelago. 

Additionally, the Biden-Harris Administration is partnering with the Government of Puerto Rico to jointly invest nearly $1 billion to expand access to high-speed, broadband internet using funding from NTIA’s BEAD Program, Treasury’s Capital Projects Fund, and the FCC’s Uniendo Puerto Rico Fund.

Energy Secretary Granholm also traveled to Puerto Rico to convene stakeholders in support of Puerto Rico’s energy grid modernization – with an expected investment of over $12 billion – establishing an interagency Puerto Rico Grid Modernization Team to accelerate upgrades to the island's electrical infrastructure, and commissioning a 2-year study analyzing stakeholder driven pathways to PR clean energy future. 

Over at Treasury, their SSBCI program is investing up to $109 million empowering the PR Economic Development Bank to provide capital to small businesses such as Biosimilar, which acquired specialized equipment to strengthen its production capacity while contributing to the pharmaceutical industry in PR.  

And here at Commerce, our Economic Development Administration invested $6.7 million in a partnership with UnidosUS and Puerto Rico’s One Stop Career Center, aimed at creating workforce development programs in the construction and aerospace industries.

This is the type of place-based, whole-of-government approach that’s required to help uplift Puerto Rico’s economy, and it’s been made possible because of the policies put in place by the Biden-Harris Administration.

Puerto Rico has benefited tremendously from landmark legislation signed into law by President Biden, including the Infrastructure Investment and Jobs Act, the American Rescue Plan, and the Inflation Reduction Act – all crucial parts President Biden’s ‘Investing in America’ agenda. These pieces of legislation have made equity and climate resiliency cornerstones of the federal government’s mission.

There has been a new emphasis to engage with NGOs, private sector, communities, and closer coordination with Puerto Rico’s government.

Public and private sector entities alike can be important customers, strengthening local businesses in Puerto Rico and generating more consistent revenue. With government and corporations as multi-billion-dollar customers and the U.S. federal government as the largest buyer of goods and services in the world, securing government and corporate contracts can have important implications for the success and growth of many firms.

On average, Latino-owned businesses receive federal government contracts that are 31 times smaller than White-owned businesses. Additionally, Latino businesses tend to obtain state-level contracts that are 35 times smaller on average than the contracts that White-owned businesses receive. That’s why unbundling contracts to ensure small and minority owned businesses is vital.

We must continue to promote opportunities to support equity, including  for underserved communities. Part of that work includes acknowledging systemic barriers that exist and working to break them down.

Diversity is one of  our of greatest strengths, and that diversity is not only good and right, but it’s smart business.

One of the common barriers that minority and other underserved entrepreneurs , including those here on the archipelago, face when securing contracts is access to capital. To help address those issues, I am proud to share that the Universidad del Sagrado Corazon located here in San Juan, Puerto Rico, was one of the the Department of Commerce’s Minority Business Development Agency’s Capital Readiness Program competition winners.

Through the Capital Readiness Program, MBDA will provide business centers and incubators, like the Universidad del Sagrado Corazon, with resources and tools to help small businesses and the entrepreneurs behind them grow and scale their business.

These efforts also directly align with other federal agencies’ small business engagements llke the SBA Puerto Rico District Office, which conducted over 200 small business-focused events, including training, outreach, marketing table, one-on-ones, and presentations in 2023.

An essential piece of that puzzle is the availability of high quality, diverse suppliers that can compete as prime contractors, subcontractors, and joint ventures to promote diversity and inclusivity and to strengthen domestic and global supply chains.  

We understand that contracting opportunities for minority and underserved business enterprises is important for promoting inclusivity and economic growth, which not only benefits minority- and underserved business enterprises, but also contractors, clients, and the community at large.

For nearly five decades, MBDA has established and maintained a close relationship with the Product Association of Puerto Rico, which operates the Puerto Rico MBDA Business Center.

That relationship has resulted in approximately $156 million in contract opportunities for Puerto Rican-owned businesses and nearly 1,000 jobs created over the past two years alone. These results benefit both the community and the economy here in Puerto Rico.

One thing is absolutely clear: leveraging the Department of Commerce and the broader federal government as partners, as well as the programs & resources we offer, is the key to unlocking a brighter future for Puerto Rico.

We look forward to continuing to bolster our efforts to assist Puerto Rico, its leaders, and its communities however we can.