In Santiago de los Caballeros, the Minister of Finance and Economy, Magín Díaz, urged the business sector and the public to "avoid the risk of economic pessimism," after highlighting that the country is at a turning point where it must decide between "taking off" or remaining in the "middle-income trap into which many countries in the region have already fallen.".
Díaz highlighted that, despite the difficult international context since 2020 —marked by the pandemic, global inflation, the war in Ukraine and the increase in interest rates in developed countries—, the Dominican Republic has preserved macroeconomic stability, political stability and social peace, conditions that he considered exceptional in Latin America.
“The country has solid fundamentals: robust international reserves, a resilient financial sector, foreign investment at historic levels, and dynamic external sectors such as tourism, remittances, and free trade zones,” he pointed out while delivering a lecture to the Association of Industrialists of the Northern Region (AIREN) on the occasion of the 40th anniversary of its annual luncheon.
During his speech, the minister called on the business sector to support the tax administration measures aimed at strengthening the fight against tax evasion and fraud.
He noted that instruments such as electronic invoicing, traceability, and control regimes have been fundamental to improving the transparency and efficiency of the system, despite initial resistance.
Díaz reiterated that the reforms required by the Dominican Republic should aim not only to improve tax collection, but also to correct distortions, make spending more efficient, facilitate tax compliance, and consolidate public finances that allow for greater investment and the recapitalization of the Central Bank.
“The Dominican Republic is close to achieving investment grade, but that goal will only be possible if we stay the course, strengthen institutions, and face structural challenges with a long-term vision,” he said.
While addressing future prospects, Díaz was clear in explaining to the business community that the country is at a turning point where it must decide between “taking off” or remaining in the “middle-income trap into which many countries in the region have already fallen.”.
“The Government will act with humility, but with firmness, always seeking the greatest possible consensus and protecting the most vulnerable sectors,” he stated.
During his speech, the minister gave a comprehensive overview of the Dominican Republic's economy and highlighted advances such as the reduction of monetary poverty, exchange rate control, the increase in the human development index, and low country risk.
The official also highlighted that the provinces of the Cibao-North region have become those with the greatest percentage economic impact, exceeding the national average growth by 40% between 2015 and 2024.
About AIREN's Annual Luncheon
The AIREN 2025 Annual Luncheon was presided over by the association's president, Luis José Bonilla Bojos, and its board of directors. This gathering is a tradition among the business sector of the northern region and aims to facilitate the exchange of knowledge and interaction between the public and private sectors.
“The Cibao region has demonstrated that vision and hard work transform communities. At AIREN, we renew our commitment to being proactive partners and investing in alliances and skilled talent. Santiago doesn't stop,” the executive emphasized.
On this occasion, the activity was carried out at the Dominican Convention and Culture Center of the Technological University of Santiago (Utesa).
