Puerto Rico is hoping to attract investors by reaching out to Spanish and Latin American companies hoping to get a stake in the United States market.

A high-level delegation from Puerto Rico is in Madrid for the 25th Plenary Assembly of the Council of Latin America (CEAL), which begins Wednesday, EFE reports. The assembly features over 500 company owners and presidents from companies in 21 different Latin American countries.

On Tuesday, Alberto Bacó , the secretary of Puerto Rico's Department of Economic Development and Commerce, said that the delegation's goal is to persuade Latin American and Spanish entrepreneurs to invest in the U.S. commonwealth.

"There are several reasons why Puerto Rico should be established as a 'bridge' between enterprises," Bacó said. "One of them is saving 35 percent on taxes."

Bacó refers to companies who have already begun using Puerto Rico as a home base while trying to attack the U.S. market, such as Banco Santander and the insurance company Mapfre.

Puerto Rico is also appealing, Bacó said, because it gives companies the chance to hire bilingual employees while saving 60 percent on salaries.

Ingrid Rivera Rocafort, executive director of the Puerto Rico Tourism Company, will also be luring businesses on Wednesday.

"We are reconnecting Puerto Rico with Spain and Latin America, getting it known in the business and tourism sector to those who do not necessarily know our country offers benefits as a tropical destination with the legal framework of the United States," Rocafort Rivera said in a statement.

According to Rocafort Rivera, the reintroduction of direct flights from Madrid to San Juan adds to the discussion.

"We are focusing on internationalization and diversification of the economy of Puerto Rico," Bacó said. "Promoting closer ties with Spain and Latin America is critical to achieving that purpose, and this in turn is necessary to continue publicizing all Puerto Rico has to offer."

If the delegation succeeds in winning over investors, Puerto Rico's economy could see a much needed boost. On Monday, the commonwealth's Government Development Bank announced that economic activity reached its lowest point since 1994 in August, according to Reuters.

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