SINGAPORE: A new piece in The American Conservative urged Donald Trump to make Puerto Rico part of the success story of his second term as the President of the United States, which begins on Jan 20, 2025.
In Chart Westcott’s op-ed piece, “American Singapore: A MAGA Agenda for Puerto Rico,” the private investor and hedge fund co-founder pointed out that while Puerto Ricans, as well as mainlanders, have suffered due to “crippling federal and island legislation, underinvestment, and neglect” this does not need to be the case for the next four years.
With more than 3 million American citizens living in Puerto Rico, the island territory should be part of Mr Trump’s grand vision of MAGA— Making America Great Again.
“One only has to look to jurisdictions like Singapore or Hong Kong to imagine what should have been here—and can still be. Puerto Rico should be a free zone, a place of investment, growth, innovation, and economic pride for mainlanders and Puerto Ricans alike,” Mr Westcott wrote.
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If Mr Trump would envision Puerto Rico as the Singapore of America, this would revitalize the island. The author suggested a key way to do this: to change a deeply unpopular longstanding law called the Jones Act forcing Puerto Rico to buy S$4608 million worth of consumed liquified natural gas from countries other than the US. The law places a financial heavy burden on Puerto Rico, causing higher prices. Doing so would not only make Mr Trump popular with Puerto Ricans but also boost trade and investments.
Mr Westcott also suggested that the island could be turned into a permanent federal economic empowerment zone with extended tax incentives, with Singapore and Hong Kong as examples. If federal tax exemptions would again be given to companies that generate income in US territories, Puerto Rico could become a regional pharmaceutical hub once more. Other industries including aerospace and renewable energy would also be likely to thrive.
“The Puerto Rican economic miracle would belong to Puerto Rico and Puerto Ricans just as the “Texas Miracle” belongs to Texas, and the miracles of Singapore and Hong Kong belong to them.” Seeing these miracles become reality requires the following, he added: implement policies that reduce regulatory burdens, ensure governmental accountability, and promote economic development. /TISG
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Publish date : 2024-12-19 09:14:00
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