January 2017 | Business View Caribbean

84 85 By Alberto Bacó Bagué Secretary of Economic Development and Commerce of Puerto Rico I am honored to serve Puerto Rico at a time of critical importance for its fu- ture and that of the region. At a time when integration and globalization are fundamental to sustained growth, we are seeking new ways to strengthen ties with our neighbors. A step in the right direction has been our relationship with CARICOM, whose contributions to regional under- standing are a great example of collabora- tion, diligence and leadership. Puerto Rico is undergoing a second eco- nomic transformation, from a manufactur- ing economy to a knowledge-based one. We have reached a momentum so strong it is practically unstoppable. Yet this transfor- mation also entails taking care of our pub- lic finances because economic development and fiscal stability go hand in hand. The announcement of our government’s decision to renegotiate its public debt marks a pivotal moment, and points to a new direction for the coming years. Clearly, Moving in the Right Direction PUERTO RICO Puerto Rico