Puerto Rico Economic Development Administration
Encyclopedia
The Puerto Rico Economic Development Administration, known as "Fomento" in Spanish, was created in the 1940s and for many years was the main government agency responsible for the dramatic industrialization of Puerto Rico from the 1950s to the 1990s. The agency was recently merged into the Puerto Rico Industrial Development Company
Puerto Rico Industrial Development Company
The Puerto Rico Industrial Development Company , along with the Puerto Rico Government Development Bank , was created by the government of Puerto Rico in 1942, during the administration of Governor Rexford G...

, or PRIDCO, which for years had operated as Fomento's subsidiary. Hugo David Storer Tavarez
Hugo David Storer Tavarez
Hugo David Storer Tavarez was a Puerto Rican industrialist, scholar and writer.By 1954 he was the Director of Promotion of the Puerto Rico Economic Development Administration also known as "Fomento". He was one of the men in charge of the Commonwealth Oil Refining Company, Inc. being established...

 sevred as the director of promotion for some years.

Fomento's first administrator was Teodoro Moscoso
Teodoro Moscoso
Teodoro Moscoso Mora , was a Puerto Rican politician known as "the architect of "Operation Bootstrap".-Early years:...

, who was the brainchild of Puerto Rico's conversion from an agrarian society to an industrialized society, before moving on to greater things, such as heading President John F. Kennedy
John F. Kennedy
John Fitzgerald "Jack" Kennedy , often referred to by his initials JFK, was the 35th President of the United States, serving from 1961 until his assassination in 1963....

's Alliance for Progress
Alliance for Progress
The Alliance for Progress initiated by U.S. President John F. Kennedy in 1961 aimed to establish economic cooperation between the U.S. and South America.-Origin and goals:...

 and serving as United States Ambassador to Venezuela
Venezuela
Venezuela , officially called the Bolivarian Republic of Venezuela , is a tropical country on the northern coast of South America. It borders Colombia to the west, Guyana to the east, and Brazil to the south...

. From 1988 to 1992 William Riefkohl
William Riefkohl
William Riefkohl López is the Executive Director of the Puerto Rico Manufacturers Association.-Early life:William Riefkohl was born in Rio Piedras, Puerto Rico, to William Riefkohl Villodas from Patillas and Monsita López Ramírez from Canóvanas...

 was the Sub administrator of Fomento.

Fomento administrators

Teodoro Moscoso
Teodoro Moscoso
Teodoro Moscoso Mora , was a Puerto Rican politician known as "the architect of "Operation Bootstrap".-Early years:...

José Madera
Manuel Dubón
Xavier Romeu
Xavier Romeu
Xavier Romeu is a counselor and litigator, with expertise in securities litigation and regulation, and corporate, commercial and employment litigation...

Jorge Silva Puras
Jorge Silva Puras
Jorge Silva Puras is the Regional Administrator at the United States Small Business Administration for Region II which includes New York, New Jersey, Puerto Rico and the United States Virgin Islands. He was appointed to his current position on May 3, 2010...

Bartolomé Gamundi
Bartolomé Gamundi
Bartolomé Gamundi, born in the Dominican Republic, is a businessman who was appointed by Governor Aníbal Acevedo Vilá as his last Secretary of the Puerto Rico Department of Economic Development and Commerce and president of the Commerce and Export Company of the government of Puerto Rico and...

Javier Vázquez
Javier Vázquez
Javier Carlos Vázquez is a Major League Baseball right-handed pitcher. Previously, he pitched for the Florida Marlins , Atlanta Braves , Chicago White Sox , Arizona Diamondbacks , New York Yankees and Montreal Expos . Vázquez was born in Ponce, Puerto Rico...

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