SANTO DOMINGO.-The Senate's Industry, Commerce and Free Zones Commission decided to issue a favorable report on the bill to promote investment in the Dominican Republic.
The initiative seeks to establish the legal and regulatory framework for national investment and for foreigners who conduct business in the national territory.
The project, supported by Senator Alexis Victoria Yeb, who also chairs the Commission, is designed to regulate the obligations and rights of investors, with the aim of expanding investment flows.
The law is also focused on contributing to the country's economic growth and development.
Victoria Yeb, senator for the province of María Trinidad Sánchez for the Modern Revolutionary Party (PRM), stated -in her project in the study phase- that it is necessary to encourage and promote foreign and national investment.
He states that the purpose of this law is to be a source of technology transfer, job creation, and promotion of the growth and diversification of the country's economy.
He believes that with this legislation, the country will have more opportunity for development in all productive sectors and the strengthening of national investment.
The law creates the Single Investment Window (VUI) for the management of permits, registrations, and licenses necessary for projects, through an electronic portal, intended to expedite and simplify the procedures related to these projects.
It orders all state institutions to implement the necessary measures to guarantee national and foreign investment.
The Commission also agreed to issue a favorable report on the resolution requesting the executive director of the Center for Industrial Development and Competitiveness (Proindustria), and its board of directors, to create an agro-industrial and forestry free zone industrial park in the province of Hato Mayor.
