Puerto Rico’s creditors are meeting in New York this week to discuss concerns over inevitable debt default. Puerto Rico has more than $70 billion in outstanding debt and its debt per capita is nearly $19,000.
Justin Vélez-Hagan, Public Policy Ph.D. student and executive director of The National Puerto Rican Chamber of Commerce, recently wrote an op-ed in Fox News Latino about the Puerto Rican debt crisis and provides suggestions for turning the economy around.
“The initial step should be a more effective marketing campaign centered on the tax, labor, environmental, and Latin American and American market access opportunities that are second to none in the Western Hemisphere,” Vélez-Hagan writes.
Vélez-Hagan also suggests Puerto Rico should start marketing to industries experiencing strong growth, noting long-term benefits from employment will outweigh investment over time.
“Outside of industrial jobs, attracting firms in the growing science, technology, and healthcare sectors will instigate job growth that is simultaneously synergistic with Puerto Rico’s already educated and trained workforce,” he adds.
You can read the full op-ed titled “Lenders Meet to Discuss Puerto Rico’s Fate. Is There Still Hope?” here.
This post originally appeared in UMBC Insights.