Word: fomento
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...Fomento even hired expert U.S. economists to sit down with prospects, show them how high returns might run. It offered them ready-built plants at low rent, loans from the Fomento bank, cheap power from the efficient Water Resources Board, accurate statistics. Nor did Fomento wait for investors to come. Ted Moscoso can often be seen in Fomento's plush offices in the new Tishman Building on Manhattan's Fifth Avenue, striding down a corridor on his way for some "belly-to-belly selling" of a businessman interested in setting up a manufacturing plant in Puerto Rico...
...island came Paper-Mate, General Electric, Maidenform, B.V.D., Consolidated Cigar, Weston, Union Carbide, Parke, Davis & Co., Remington Rand, Bostitch and others (see map). Last week the 667th factory-a cutlery plant in Gurabo -went into production. For the catalytic $40 million in loans, plant construction and promotion, Fomento got the island $275 million in investment, 80,000 new jobs. Like the moving needles on the instrument board of a climbing plane, all the economic indicators rose...
Public revenues from indirect taxes, noncorporate income taxes and other tolls on the speeded economy jumped from $27.5 million to $198 million; each of Fomento's investments stirred a burst of economic activity that ultimately returned to the treasury four times as many dollars as were laid out. Wages rose, now average $1,500 a year...
Equally flexibly, Fomento, unable in 1946 to find a capitalist to build a hotel, put up the pattern-setting Caribe Hilton with its own $5,000,000, brought U.S. Hotelman Conrad Hilton in to run it. Hilton made $1,000,000 the first year, was encouraged to go ahead with what is now his worldwide chain...
...Fomento executives freely admit that migration to the U.S. has given Bootstrap a more successful look than it would otherwise have, and they willingly aid migrants to go. But compared to the recent migration of 2,274,000 persons from the U.S. South to the North and West...