The
Puerto Rico Department of Economic Development and Commerce was created by Governor
Pedro Rosselló in 1994 as an "umbrella" under which several economic development agencies would operate in a more coordinated fashion. Its first Secretary was
Luis Fortuño and its current head is
Bartolomé Gamundi, appointed by Gov.
Aníbal Acevedo Vilá after the resignation of
Ricardo Rivera Cardona.
Among the agencies under its jurisdiction is the Puerto Rico Industrial Development Company (PRIDCO), the Puerto Rico Tourism Company, the Puerto Rico Commerce and Export Company and several smaller agencies dealing with cooperatives and horse-racing.