DDEC Sec Manuel Laboy

 Economic Development and Commerce Secretary Manuel Laboy

With a commitment to diversifying the economy of Puerto Rico, Economic Development and Commerce (DDEC by its Spanish acronym) Manuel A. Laboy Rivera, announced that the agency will be promoting and marketing the island as a destination for megayachts.

"Our mission at DDEC is to implement and oversee the implementation of public policy on Puerto Rico's economic development in the various business sectors. The megayacht industry is a million-dollar one that according to data provided by the U.S. Superyacht Association, from 2009 to the present, this industry represents a direct and indirect economic impact of approximately $39 million. We will now promote this industry at five major events around the world, where meetings will be held with major megayacht management firms, as well as with those executives who make decisions in the industry to expose the benefits and virtues that the island offers in terms of tourism and incentives available with the Government of Puerto Rico to do business," Laboy explained.

Promoting Puerto Rico as a destination of megayachts aims to get the island included in the travel agenda of owners of this type of boat, who can enjoy the tourist attractions during their stay, benefiting various economic sectors directly and indirectly, the DDEC secretary said.

"With an eye to the future, DDEC seeks to foster the development of a stable and self-sustaining private economy, considering the globalization of the economy. We aspire to surpass in the next years the estimated 327 visits of megayachts to about 500 visits, which would represent an economic impact during 2020 of $61 million, according to data provided by the U.S. Superyacht Association," Laboy said.

Some of the upcoming events where Puerto Rico will be promoted will be: Monaco Yacht Show, one of the most important events in the megayacht industry and in which the island has not had a presence since 2016. Puerto Rico will also have a presence at the events: Antigua Charter Show and the Fort Lauderdale International Boat Show, among others.

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