Accipital and DECA Analytics Partner to Attract South Korean Companies to Puerto Rico
TL;DR
Korean companies can gain significant benefits by leveraging Puerto Rico's unique Act 60 incentive programs, expanding their operations in the U.S. market.
The strategic partnership between Accipital and DECA aims to promote Puerto Rico's Tax Incentive Code (Act No. 60-2019) to South Korean companies seeking to expand operations in the U.S. market.
The partnership between Accipital and DECA will create high-paying jobs for Puerto Ricans, fuel economic development, and demonstrate Puerto Rico's potential as a global hub for innovation and business growth.
This strategic partnership aims to raise awareness of Puerto Rico's unique incentive programs under Act 60, offering South Korean businesses critical insights and access to new growth opportunities on the island.
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In a move that could significantly impact Puerto Rico's economic landscape, Accipital, an international alternative assets investment management firm, and DECA Analytics, a Puerto Rico-based corporate advisory firm, have signed a Memorandum of Understanding (MOU) to promote the island's Tax Incentive Code (Act No. 60-2019) to South Korean companies. This partnership seeks to bridge the gap between Puerto Rico's attractive economic incentives and the South Korean business community, potentially leading to increased foreign investment and job creation on the island.
The collaboration between Accipital and DECA Analytics is set to provide South Korean businesses with comprehensive insights into Puerto Rico's incentive programs. These programs, designed to attract foreign companies, offer significant benefits to firms looking to expand their operations in the U.S. market. By leveraging Accipital's cross-border financial expertise and DECA's local knowledge of incentives, the partnership aims to offer a unique value proposition to South Korean companies considering expansion into Puerto Rico.
Corey Hawk, Director of Investments for Accipital, highlighted the current absence of Korean companies in Puerto Rico despite the presence of numerous multinational corporations. This partnership seeks to address this gap, potentially opening up new avenues for economic cooperation between South Korea and Puerto Rico. Aurelio Fuentes, Co-Founder & Partner at DECA, emphasized the potential for job creation and economic development that this initiative could bring to Puerto Rico.
The implications of this partnership extend beyond mere business expansion. By attracting South Korean companies to Puerto Rico, the initiative could contribute to diversifying the island's economy, enhancing its position as a global business hub, and creating high-paying job opportunities for local residents. This could, in turn, help address some of Puerto Rico's economic challenges and foster long-term growth.
Moreover, this partnership signifies a broader trend of increasing economic ties between Puerto Rico and East Asia. As global businesses continue to seek advantageous locations for expansion, Puerto Rico's unique position as a U.S. territory with attractive tax incentives could make it an increasingly popular destination for international companies, particularly those from South Korea and other East Asian nations.
As this initiative unfolds, it will be crucial to monitor its impact on Puerto Rico's economy, job market, and international business relations. The success of this partnership could potentially serve as a model for similar initiatives aimed at attracting foreign investment to the island, further solidifying Puerto Rico's position in the global economy.
Curated from 24-7 Press Release
