The director of Proindustria specified that the new infrastructure will be designed under high technical and environmental standards.
SANTO DOMINGO.-The Board of Directors of the Center for Industrial Development and Competitiveness (Proindustria) approved a new Investment Recognition Regulation, which allows private companies to make significant investments in the construction of modern industrial buildings within the free trade zones operated by this entity.
In the recent ordinary session, the innovative instrument was established, which marks a milestone in the country's industrial policy, by ensuring that the infrastructures remain as state assets, thus strengthening public assets and without compromising their alienation.
The Investment Recognition Regulation emerges as a strategic solution to the historical deficit of industrial buildings in Dominican free zones, a problem that has limited the country's ability to attract new investments and strengthen its export capacity, because the previous investment recognition regulation only recognized up to 50% for the renovation of industrial buildings, however, with the approval of the new regulation implemented by the current administration, it will increase to 100%.
Rafael Cruz Rodríguez, the general director, pointed out that this regulation opens the door for an accelerated expansion of the country's free trade zones, allowing them to meet the growing demand from national and international companies interested in establishing themselves in the Dominican Republic.
Also, as one of the first projects approved under the new regulations, the Board of Directors of Proindustria authorized the construction of a new and gigantic 103,000 square foot industrial building for the American textile company Sakira Manufacturing, a leader in employment within the La Vega Industrial Free Zone.
Rafael Cruz Rodríguez. (EXTERNAL SOURCE).
The infrastructure represents an investment of RD$196,129,661.22, which is an important step towards strengthening the industrial park.
Sakira Manufacturing, a subsidiary of Champro Sports, operates eight industrial buildings and generates more than 1,200 direct jobs. Its weekly payroll exceeds RD$9 million
This new project will allow the company to significantly increase its operational capacity, generating between 2,200 and 2,500 new direct jobs, positioning itself as a key driver for the economic and social development of the Cibao region.
The director of Proindustria specified that the new infrastructure will be designed under high technical and environmental standards, complying with regulations of the United States and the Dominican Republic, which guarantees its sustainability and functionality in the long term.
The impact of the project goes beyond job creation, as it will contribute to boosting the economy of the province of La Vega and its surrounding communities, since it will increase the competitiveness of the free trade zone and promote the acquisition of foreign exchange through the export of high-quality textile products.
Cruz Rodríguez also stated that the infrastructure responds to the critical need for industrial buildings in the La Vega Free Zone, "despite the interest of more than 91 companies that wish to establish themselves there.".
The La Vega Free Zone has more than 550,000 square feet available for building new warehouses, positioning it as one of the areas with the greatest potential for industrial expansion in the Dominican Republic.
The official stated that with the approval of this new regulation, the support of the current government administration, headed by President Luis Abinader, for the Dominican industrial sector is demonstrated, and therefore, "Proindustria is confident that the investment recognition model will be a catalyst for the construction and installation of more projects of this magnitude.".
