The president projected economic growth of 4.5% by 2026 and highlighted the potential of free trade zones, semiconductors, rare earth elements, and digital connectivity to attract foreign capital
SANTO DOMINGO – President Luis Abinader invited Italian businesspeople to invest in the Dominican Republic and consider the country their second home, highlighting the commercial opportunities offered by the national economy and the possibilities of establishing alliances between Italian industry and technology and Dominican productive sectors.
During the opening of the Italy-Dominican Republic Business Meeting, held this Wednesday at Villa Madama in Rome, the ruler stated that both nations maintain a fraternal and affinity relationship that can translate into new capital, greater trade exchange and joint projects.
Accompanied by Italy's Deputy Prime Minister and Foreign Minister, Antonio Tajani, Abinader expressed that Italian industrial experience and technological development offer opportunities to expand Dominican productive capacity through the acquisition of equipment, the installation of new industries, and the creation of joint ventures.
Economic stability and security for investors
The president highlighted the conditions that, according to him, favor foreign investment in the Dominican Republic, including political and legal stability, economic diversification, and access to various international markets.
He also projected economic growth of 4.5% by 2026 and noted that the country is among the top destinations for foreign direct investment in Central America and the Caribbean.
Abinader explained that the government is working with the private sector to double the size of the economy by 2036. This objective aims to maintain economic dynamism, strengthen productive capacity, and generate new development opportunities.
Given this scenario, he urged Italian businesspeople to take advantage of the Dominican market to establish operations, expand their businesses, and strengthen their trade ties with the Caribbean nation.
Tourism, free trade zones and semiconductors among the key sectors
The head of state highlighted the positive outlook for tourism and estimated that the Dominican Republic could receive between 12.4 and 12.5 million visitors this year. He also noted that tourism projects are eligible for tax incentives, including tax benefits for a period of ten years, in accordance with applicable law.
Regarding free trade zones, he highlighted their contribution to national exports and the production of medical devices and electronic equipment. He also mentioned plans to boost the semiconductor industry, considered strategic for diversifying manufacturing and strengthening the Dominican Republic's participation in international supply chains.
The president also addressed the economic potential of the rare earth elements located in the south of the country. On this subject, he reported that he expects to receive in December the results of an international report on the mineral reserves, the findings of which will allow for determining their exploitation potential.
He added that these resources could represent an important source of income for the Dominican economy, depending on the conclusions of the studies and the feasibility of their exploitation.
On the other hand, Abinader emphasized Google's investment in digital infrastructure, estimated during his speech at around $600 million. He explained that the project aims to improve connectivity and help transform the country into a digital hub for the Caribbean and Central America.
Strategic location and ease of doing business
The president of the Modern Revolutionary Party also stated that the Dominican Republic's geographical location, along with its port and airport facilities and its connectivity, represents an advantage for companies interested in accessing the markets of the Caribbean, Latin America, and Europe.
Similarly, he highlighted the value of Dominican cigar exports and other products, while also alluding to initiatives aimed at improving access to international markets.
Regarding trade facilitation, Abinader mentioned the Zero Bureaucracy program, whose purpose is to simplify administrative procedures and eliminate obstacles that may hinder the establishment and expansion of companies.
The president also proposed holding a future edition of the business meeting in the Dominican Republic to follow up on the contacts established in Rome and transform the conversations between representatives of the private sector into concrete investment and cooperation initiatives.
In closing, he thanked the Italian government, Antonio Tajani, and the business representatives who attended the event. Finally, he reiterated his interest in strengthening the relationship with Italy and consolidating it as a strategic partner for Dominican economic development.
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