Medtronic (NYSE:MDT) is reportedly planning to put $50 million into its operations in Puerto Rico, expanding capacity and adding new equipment for the cardiovascular and orthopedic products it makes there.

Medtronic makes up more than 45% of industrial jobs in the Isla Encantada’s biosciences sector, which accounts for 34% of the island’s gross domestic product. The company has operations in Ponce and Humacao, along with the facilities in Juncos and Villalba that are being upgraded, according to a Caribbean Business report. The plants in Juncos and Villalba make catheters, pacemakers and spine implants.

Medtronic employs roughly 5,000 people across Puerto Rico, economic development secretary Manuel Laboy told the newspaper. Speaking at a press conference at the Juncos site, Gov. Wanda Vázquez said the investment shows that “Puerto Rico is trained and ready.”

“The expansion that is being announced today shows that Medtronic believes in Puerto Rico, that it has confidence in our island,” Vázquez said, according to the report. “[Puerto Rico] has the best manufacturing employees and they are being recognized by Medtronic.”

The $50 million project is slated to add 500 to 600 jobs in the coming years, she added. Félix Negrón, VP of Puerto Rico operations, added that most of the new positions will be created within the next two years.

In December 2013, Medtronic announced a 3-year, $6 million expansion project to boost its footprint on Puerto Rico with the facilities, saying it would bring 150 new jobs to the island.

Shares of MDT were down -0.1% at $106.69 per share in mid-morning trading today.