Taken from Diario Libre
SANTO DOMINGO.-
In the first half of 2023, foreign direct investment (FDI) in the country reached $2.15 billion , representing the best performance in relation to the first six months of the last 10 years, highlighted this Thursday the executive director of the Export and Investment Center of the Dominican Republic (ProDominicana), Biviana Riveiro Disla.
Riveiro shared the information during the opening of a ceremony recognizing 12 foreign direct investment companies for their contributions to the economy and their impact on job creation.
He revealed that, according to 2023 projections, everything indicates that the country will exceed $4 billion in FDI by the end of this year, with capital diversified in different productive areas such as free trade zones, tourism and renewable energy, which has had a significant rebound.
He detailed how foreign investment impacts recipient countries, citing that for every dollar a recipient country receives, an additional $15 to $56 is generated in the local economy. This is in addition to the increase in specialized formal employment.
Recognizes companies
The official ceremony was led by the President of the Republic, Luis Abinader, and the Executive Director of ProDominicana.
Twelve foreign direct investment companies were recognized for their contributions to the economy and their impact on job creation, competitiveness, innovation and the promotion of exports in the Dominican Republic.
In his address, the president expressed his gratitude to the companies that have invested in the country's development. "Despite the turbulence that has shaken the global economy since 2020, we are here today, showcasing record levels of international investment in the Dominican economy. This investment has been directed toward diverse productive sectors such as tourism, free trade zones, real estate, mining, energy, finance, commerce and industry, and transportation. Our nation is increasingly recognized for the quality and value of the investments received, as well as for our advanced telecommunications network, road infrastructure, and state-of-the-art land, air, and sea transportation logistics system. This translates into competitive advantages that allow us to sustain further productive investments," the president stated.
He also invited investors to continue working together and emphasized that "This is the Dominican moment. Don't let it pass you by.".
He highlighted that in the last three years, ProDominicana has worked hand in hand with representatives abroad, diversifying markets and incorporating new activities that provide visibility and contact with potential investors through participation in more than 140 investment promotion activities, both in person and virtually, in more than 30 countries.
"The Dominican Government has also generated key instruments, through public policies especially oriented towards the promotion and simplification of procedures; such as the Zero Bureaucracy Program, the Single Window for Investment (VUI) and the creation of the Investment Guide circulated in more than 10 languages," he pointed out.
OD Map S
During the event, Riveiro reported that among the new features of ProDominicana's Investment Guide, it will for the first time include an SDG Investment Map for the Dominican Republic, which was presented at the event by the United Nations Development Programme (UNDP) through Inka Matila. Matila explained that the map will present 17 priority areas in 6 crucial sectors for the country and its development involved interviews, workshops, and surveys to identify important investment areas key to accelerating sustainable development.
For his part, the Minister of Industry, Commerce and SMEs, Víctor -Ito- Bisonó, said that it is important to emphasize the current climate of trust and socio-economic stability, supported by an open economy, a solid infrastructure and a favorable political environment.
"Especially this administration, led by President Luis Abinader, has given foreign investment a place of great importance as an engine of development and innovative transformation for the country. Furthermore, it is committed to public-private partnerships as a way to create opportunities, quality jobs, and generate confidence among investors," he specified.
During the event, a keynote address was also given: "The Dawn of a New Era: Foreign Direct Investment in the New Global Order," delivered by Jacopo Dettoni, editor of fDi Magazine, the Financial Times' investment publication. Dettoni is also an international speaker at events discussing the benefits and trends of global trade and investment. In his address, Dettoni highlighted three key elements to consider for adapting to this new era: Geopolitics, Sustainability, and Digitalization.
In this same sense, during 2022, our country was the main recipient of foreign direct investment in the Central American and Caribbean regions, especially reflecting an observed increase of 53% in FDI registered in the Caribbean region, attributed mainly to investments received in the Dominican Republic, according to data from the UNCTAD World Investments Report, said Biviana Riveiro.
Award Winners
The awards were presented to companies that have distinguished themselves through their stability and resilience in the face of the Dominican economy's fluctuations. Special recognition was also given to companies with the longest track record, greatest history, and largest size in the Dominican Republic, focusing on strategic sectors.
In that regard, Cervecería Nacional Dominicana was recognized in the Industry category for its contributions to the country's industrial, cultural, and economic development, and its strong sense of social responsibility. Fenwal International was recognized in the Free Trade Zone for its impact on the development of the medical device industry, generating quality jobs and increasing our competitiveness through advanced technology.
Industrias San Miguel del Caribe was recognized in the Border Zone category for its socioeconomic contribution to the dynamism of the border region, generating jobs, infrastructure, and quality industrial development. Additionally, the Dominican Mining Corporation received an award for its contributions to the development of the mining sector through significant investments and exports.
TotalEnergies, in the Energy category for its contributions to the diversification of the country's energy matrix, strengthening the supply of clean, renewable and sustainable energy.
In the Cinema and Audiovisual category, Caribbean Cinemas was recognized, a pioneer in the film industry in the region, with a presence in 16 islands of the Caribbean, Central America and South America and 20 provinces of the country.
In Telecommunications, Altice Dominicana received recognition for its contributions to the development of communications and technological infrastructure in the country.
Aeropuertos Dominicanos del Siglo XXI received recognition in the Logistics category for its contributions to the development of national logistics infrastructure and its significant impact on Dominican tourism. In the Commerce category, Energía Natural Dominicana was recognized for its contributions to the supply and sustainability of energy infrastructure.
Likewise, Banco LAFISE, in the Financial category for its contributions and investment, betting on the strengthening of the export sector particularly in Central America.
In the Real Estate sector, Playa Grande Golf & Ocean Club was recognized for its investment in the development of a high-level real estate, tourism, and sports offering.
Finally, in the Tourism category was Grupo Piñero, for its constant reinvestment and expansion, strengthening and diversifying the tourism offer.
