4 — Investment – Expanding economic assistance to Puerto Rico attracts corporate investment – ARP proves but it was only temporary.
White House 6/26 [White House; 6-26-2023; "FACT SHEET: Biden-Harris Administration Steadfast in Support of Puerto Rico’s Renewal"; https://www.whitehouse.gov/briefing-room/statements-releases/2023/06/26/fact-sheet-biden-harris-administration-steadfast-in-support-of-puerto-ricos-renewal/; Accessed 7-10-2023; AW]
The Biden-Harris Administration is committed to supporting Puerto Rico’s recovery and renewal. In 2021, President Biden unlocked billions of dollars in disaster funding and enacted historic expansions of economic and healthcare assistance programs for Puerto Rico. Since then, the Biden-Harris Administration has built on these unprecedented investments to ensure Puerto Rico has a strong foundation for sustained growth. President Biden’s Investing in America agenda – including historic legislation such as the American Rescue Plan (ARP), Bipartisan Infrastructure Law (BIL), CHIPS and Science Act, and Inflation Reduction Act (IRA) – is delivering results and bringing good jobs to the island. Puerto Rico is now a more attractive place for companies to invest, expand, and drive U.S. competitiveness. For example, Biosimilar Solutions Inc. is investing $200 million in Aguadilla to establish world-class facilities dedicated to research, development, and manufacturing of biosimilar therapies.