When it rains it pours. It seems these days, Puerto Rico
can't catch a break. As the people of the island work to recover from
a double whammy of devastating storms, must, as a nation, take a
closer look at assisting our fellow American citizens through
economic development and disaster relief for Puerto Rico.
Already in a perilous economic situation, Puerto Rico now must grapple
with the urgent matters such as roadway cleanup and hooking people
back up to clean, running water and the electrical grid.
As Congress works on emergency appropriations legislation for those
affected by Hurricanes Harvey, Irma and Maria in Texas, Florida and
the U.S. territories of Puerto Rico and the Virgin Islands,
two key members of Congress can play a vital role in our
rebuilding efforts. Both are Florida Republicans. The first is Sen. Marco Rubio
who serves a large number of Puerto Ricans living in
his home state of Florida and is a member of the Senate
Appropriations Committee. The second is Rep. Mario Diaz-Balart of
Miami, a longtime advocate for Puerto Rico and a
member of the House Appropriations Committee. Their leadership in
Congress to help Floridians and Puerto Ricans rebuild from these
horrible hurricanes is crucial.
Another good example of proactive efforts that are currently taking
place in Congress to help Puerto Rico is that
of Resident Commissioner Jennifer Gonzalez-Colon who introduced
a bill to amend Title 49 referencing air cargo on the Island. The “Puerto Rico Air
Cargo Industry Empowerment Act,” or HR 3472. This bill is
introduced in connection to an economic growth strategy modifying the
federal laws that currently governs cargo transported in any aircraft
on the island of Puerto Rico. Given their current
economic situation, passing laws like this one will provides
necessary changes to integrate shifts that can benefit the
development and growth of the island.
While strategizing options for development of the economy
in Puerto Rico, we must take into consideration that the
household income of 3.4 million Puerto Rican citizens
reflects nearly $20,000 per year. By contrast, on the mainland,
Mississippi has the lowest income per capita and the household income
is nearly $40,000 per year with a similar population of almost 3
million citizens. There is a significant gap to fill in
transitioning Puerto Rico out of a third world country
status and out of their $72 billion debt.
There are several important and viable industries in Puerto Rico that
help the economy greatly. Tourism is one of the most predominate
sources of income, in which their economy is highly dependent on
thanks to their beautiful beaches and sunshine. The other one is
manufacturing which produces 49 percent of employment on the island
and most are good paying jobs. However, there is great potential to
increase those primary industries on the island to others, such as:
aviation, international banking, international finance, medical
tourism, fashion and arts, transportation infrastructure, energy and
information technology just to name a few sectors.
For sustainable economic growth, investors in Puerto Rico should
maintain a long-term perspective and create business opportunities
that will address the ongoing need for economic growth and
development. Legislative efforts including changes to Title 49 will
help. This sets in motion the upward domino effect for increased
employment and higher wages ultimately increasing the household
income and the overall economy on the island. The implementation of
the new industries and needed reforms in established sectors such as
energy, are essential to improve the economy where tourism,
manufacturing and other promising sectors can flourish for the
residents of Puerto Rico and all Americans.
Art Estopinan
is part of the New World Group, which represents the Coalition of the
Private Sector in Puerto Rico. Estopinan is a contributor
to the American Project with the School of Public Policy at
Pepperdine University in Malibu, California.
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