As an island, Puerto Rico imports most of its consumers’ goods products from the United States and other countries. To reach this market, manufacturers and suppliers frequently rely on dealers or sales representatives. Although Puerto Rico is a United States territory, for commercial purposes, it is a civil law jurisdiction where the provisions of our Civil and Commercial Codes (based on the Napoleonic Code) govern. Also, proceedings in Puerto Rico local courts are conducted in Spanish.
Puerto Rico has one of the most dynamic economies in the Caribbean region. A diverse industrial sector has far surpassed agriculture as the primary focus of economic activity and income. Encouraged by duty-free access to the US and by tax incentives, US firms have invested heavily in Puerto Rico since the 1950s. The highest volume department stores and other retail chains, such as Walgreens, Wal-Mart, Kmart, Sam’s, Costco, Office Max and Home Depot all have their highest volume stores in Puerto Rico. Puerto Rico is also the fifth largest worldwide consumer of U.S. products.
Today Puerto Rico is still “the shining star of the Caribbean”. The island enjoys the highest per capita income in Latin America. Our island has been the birthplace of numerous world leaders in the fields of politics, sciences, sports, banking, government, economy, among others; most of whom received their education here in the island, now with residence in the United States and numerous countries throughout the world.
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