He indicated that, in terms of port connectivity, the country has 10 seaports that handle international cargo, on track to reach 2.5 million TEUs per year, and also 8 airports that connect it to 170 destinations worldwide.
NEW YORK– President Luis Abinader highlighted this Wednesday that, for more than fifty years, the Dominican economy has registered a remarkable achievement in the region: an average annual economic growth of around 5%, reaching a gross domestic product (GDP) of more than 130 billion dollars, which makes the Dominican Republic the seventh largest economy in Latin America and the Caribbean.
The president also said that macroeconomic stability has attracted investors to the favorable business climate in the country, resulting in a significant flow of foreign direct investment, which in recent years has represented about 4% of GDP, one of the highest in the region.
President Abinader spoke during his participation in the Conference on Infrastructure Investment in Latin America and the Caribbean of the Development Bank of Latin America and the Caribbean (CAF) and Financial Times, about identifying opportunities for investors and asset management.
He explained that this reality has been recognized by Fitch, Standard & Poor's, and Moody's, which have recently upgraded the Dominican Republic's rating or outlook. Furthermore, according to the Emerging Markets Bond Index (EMBI), the Dominican Republic's country risk is lower than that of other investment-grade nations, allowing for less expensive access to financial markets.
President Luis Abinader. (External source).
The Dominican leader stated that, for an audience of experts, this meeting is essential in order to develop new approaches that facilitate timely and adequate access to international financing for infrastructure investment.
As examples from the Dominican Republic that he said would resonate throughout the region, he cited the need to invest approximately $5.4 billion in the energy sector over the next few years to continue the significant transformation in generation, transmission, and distribution. “Our goal is to achieve a cold reserve by 2027, creating a surplus that will allow us to lay a submarine cable to sell electricity to Puerto Rico. Another objective is to reach 30% renewable energy generation by 2030.”.
Dominican Republic recognized as a world-class logistics hub
Regarding the crucial issue of logistics, he explained that the Dominican Republic has been developing the necessary physical and human infrastructure to be recognized as a world-class logistics hub.
In that regard, he indicated that, in terms of port connectivity, the country has 10 seaports that handle international cargo, on track to reach 2.5 million TEUs per year, and also 8 airports that connect it to 170 destinations worldwide.
The Dominican head of state also highlighted that they have built numerous tourist ports and fishing piers and that, on the north coast, in the port of Manzanillo,they are building a large multimodal logistics pier that will bring Dominican exports even closer to the east coast of the United States.
Furthermore, he explained, they have a dynamic private sector committed to public-private partnerships to expand, build and operate ports and airports.
He said that, given that connectivity is an essential element for trade, tourism and investment, he has recently signed important open skies agreements with the United States and Canada.
Clear strengths in attracting foreign investment in the tourism sector
“My government is developing an Integrated Transportation System for the two most important urban areas of the country: Santo Domingo and Santiago, which includes important infrastructure projects such as monorails, cable cars and the expansion of the Santo Domingo metro,” President Abinader highlighted.
He added: “Our strength in attracting foreign investment is evident in our tourism sector, especially in Punta Cana and Miches. Now we are promoting a new tourism hub in the south of the country, in Pedernales.”.
In that order, the president stated that they are revitalizing the tourist area of Puerto Plata with the development of Playa Bergantín, an ambitious tourism and real estate project developed by the private sector and aimed at promoting innovation in the digital field and which will include, among other features, an academic campus, a film studio, a golf course and extensive road infrastructure.
He argued that technology is fundamental for rapid and sustainable development and that he therefore issued a decree declaring the promotion, innovation and development of the semiconductor industry a high national priority and ordering the formation of a National Strategy for the Promotion of the Semiconductor Industry
Referring to the mining sector, he explained that he is committed to expanding operations in the Dominican Republic. “The country has gold, silver, and nickel, and has had bauxite. Ladies and gentlemen, where there is bauxite, rare earth elements are often present. We are currently exploring this possibility with the assistance of the U.S. Army Corps of Engineers. We are also very aware of the international standards established for mining by the Extractive Industries Transparency Initiative (EITI), which we adopted in 2016.”
Fully committed to new infrastructure investments
The Dominican leader emphasized that he is fully committed to paving the way for new infrastructure investments, which are essential to boosting sustainable development and achieving a virtuous cycle of prosperity and growth in the Americas.
He affirmed that inclusive and sustainable economic growth, political stability, and individual freedom are intrinsically linked and can only truly flourish under democratic systems that protect human rights. He considered development within a democracy to be a fundamental factor in ensuring that the benefits of that democracy reach all citizens.
In his closing remarks, he stated: “Working to achieve these goals is the most valuable legacy we can leave to future generations. Our government is pro-business, pro-jobs, pro-growth, and pro-innovation. Please visit the Dominican Republic soon.”.
