Topic: World Events that can affect Puerto Rico's economy
November 9, 2009 at 10:12pm
With the 20 year anniversary of the Fall of the Berlin Wall we need to analyzed how this event influenced and changed world affairs. Many of the former Communist bloc Eastern European countries eventually become Democratic and started to convert their centralize economies into open market economies. Foreign investment poured into these countries and increased their GDP and standard of living for all of its citizens. With the exception of the tumultous times endured by the former countries that were part of Yugoslavia; most of the region open economies created great improvements in their infrastructure and export markets.
Where does PR fit in this? Simple, with already access and part of the largest consumer market in the world; PR has the unique advantage of becoming a catalyst for the Region's economy. Local leaders from all sector need to think globally at all levels with their strategic market plans. Use the free market access to the US as a leverage point for developing an outward and agressive export policy. Furthermore, current world events taking place as the financial crises begins to wither creates the environment to agressively complete the International Banking initiative. No reason why PR can't become the Regions Financial and Trade Center before places like Panama beat us to it.
Therefore, my advice to our business leaders is that while the government gets its finances in order they should support the banking sector in completing this initiative. The banking sector in turn must look outward and seek all posible and available alliances within the sector and an international level to make this happen. Fearing foreign investment is like fearing the "bogey man" that only scares but doesn't exist. Puerto Rico's local Banking and Cooperative regulations should allow more flexibility for foreign investment "players" have access to PR market; off course consistent with US banking laws that alike the British system happen to be most trusted. Not hard to figure out why New York and London are the largest World Financial Centers. No reason why Puerto Rico can become a Regional Financial Center capable of bridging Latin America, the US and Europe!
Robert Alvarez
Founder-Board of Trustees Member
World Affairs Council of Puerto Rico
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