Press Release
☷Remarks by Deputy Secretary of Commerce Don Graves Elevate Summit in Puerto Rico
U.S. Department of Commerce ( By Press Release office)
Mar 01,2024
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Hey everyone! I ' m really excited to be here talking to you all about the stuff the Biden - Harris Administration is doing to help Puerto Rico ' s economic growth . I want to give a shoutout to Governor Pierluisi and Secretary Cidre for hosting this awesome event . I ' ve been lucky enough to be President Biden ' s Puerto Rico Economic Growth Coordinator , and it ' s been amazing to see all the work happening here and in Washington to get Puerto Rico back on track . Puerto Rico has been a top priority for the Administration since day one , and while there ' s still more to do , we ' re making progress . Thanks to President Biden ' s leadership , we ' ve invested over $100 billion to help with climate change , the government ' s bankruptcy , and changes in demographics . Since 2021 , Puerto Rico has added over 100 , 000 new jobs , and unemployment is at an all - time low . We had a big Economic Dialogue a year ago and came up with four key pillars for Puerto Rico ' s success: infrastructure investments , workforce development , diversifying the economy , and improving governance . We ' ve already completed 46 out of the 57 initiatives that came out of that dialogue . The Puerto Rican government and NGOs have received over $20 billion for reconstruction projects , and we ' re partnering with them to invest nearly $1 billion in expanding broadband access . Energy Secretary Granholm also went to Puerto Rico to bring together stakeholders to support the modernization of Puerto Rico ' s energy grid , with an expected investment of over $12 billion . They established a team to speed up upgrades to the island ' s electrical infrastructure and commissioned a 2 - year study on pathways to a clean energy future in Puerto Rico . Additionally , the Treasury ' s SSBCI program is investing up to $109 million to empower the PR Economic Development Bank to provide capital to small businesses like Biosimilar , which acquired specialized equipment to boost production capacity in the pharmaceutical industry . The Economic Development Administration , in partnership with UnidosUS and Puerto Rico ' s One Stop Career Center , invested $6 . 7 million in workforce development programs in the construction and aerospace industries . This comprehensive approach is helping to boost Puerto Rico ' s economy thanks to policies implemented by the Biden - Harris Administration . Puerto Rico has benefited greatly from legislation signed by President Biden , including the Infrastructure Investment and Jobs Act , the American Rescue Plan , and the Inflation Reduction Act , which prioritize equity and climate resiliency . Engaging with NGOs , the private sector , communities , and collaborating closely with Puerto Rico ' s government has become a priority . Both public and private sector entities can play a crucial role in supporting local businesses in Puerto Rico and generating more revenue . Promoting opportunities for equity , breaking down systemic barriers , and supporting underserved communities are essential steps in fostering diversity and driving economic growth . One of the common challenges that minority and underserved entrepreneurs , including those here in Puerto Rico , often face when trying to secure contracts is access to capital . I ' m excited to announce that the Universidad del Sagrado Corazon in San Juan , Puerto Rico , was selected as a winner in the Department of Commerce ' s Minority Business Development Agency ' s Capital Readiness Program competition . This program will provide resources and tools to help small businesses and entrepreneurs grow and expand . These efforts align with other federal agencies , like the SBA Puerto Rico District Office , which held over 200 small business events in 2023 . Having a diverse pool of suppliers is crucial for promoting inclusivity and strengthening supply chains . Contracting opportunities for minority and underserved businesses are vital for economic growth in Puerto Rico . The MBDA ' s partnership with the Product Association of Puerto Rico has resulted in millions of dollars in contract opportunities and job creation . By working together with the federal government and utilizing available resources , we can create a brighter future for Puerto Rico . We are committed to supporting Puerto Rico and its communities in any way we can .
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