SAN JUAN , Puerto Rico, April 25 (UPI) -- Prominent investment firm director John Paulson said the island of Puerto Rico, a U.S. territory, is about to become the “Singapore of the Caribbean.”
He made the comment at the Puerto Rico Investment Summit in San Juan.
Paulson’s firm, Paulson & Co., has invested heavily in Puerto Rico, and the island’s government said it expects the firm to invest up to $1 billion by the end of the next year.
His firm recently bought new government bonds and a majority interest pair of two oceanfront resorts, Condado Vanderbilt and La Concha Hotels.
Paulson said he is buying real estate on the island while the opportunity continues, to build luxury developments, and expects Puerto Rico, currently regarded as economically depressed, to thrive and to take its place among the important financial centers of the world.
“We are interested in future development opportunities,” he said.
A spokesman for Paulson declined comment.