SANTO DOMINGO.-Biviana Riveiro Disla, executive director of ProDominicana, assures that for the first time the Dominican Republic reaches a record figure of Foreign Direct Investment (FDI) with an interannual growth of US$813.6 million (25.5%) during the period 2022, reaching the extraordinary sum of US$4,010.4 million according to figures from the Central Bank of the Dominican Republic (BCRD).
In a press release, the institution states that the country received 35% of the investment flows from the Central American region this year, a trend that it affirms will continue to consolidate its share above 40% of the flows that reach the Caribbean on average.
“This incredible growth is an indicator that the country is on the radar of foreign investors thanks to the social, legal, political and economic stability policies promoted by the President of the Dominican Republic, Luis Abinader; and the Investment Cabinet coordinated by the Vice President, Raquel Peña,” explains the head of ProDominicana.
In her opinion, the work carried out by various government entities, taking advantage of the strategic and competitive advantages of a privileged location, allows the country to position itself as a Logistics Hub due to its high connectivity and routes; "anchored in an economy in constant growth in important strategic sectors such as energy, tourism, free zones and commerce, real estate and telecommunications, which has attracted the interest of investors from all over the world," stated the Director of ProDominicana.
Riveiro noted that the demand for support and advisory services to companies and foreign missions at ProDominicana has increased substantially and that there has been a significant improvement ranging from the availability of useful information, the structuring of the investment portfolio, and the implementation of the innovative Single Window for Investment (VUIRD), a world reference.
“All these initiatives that we have deployed have led to ProDominicana gaining international recognition as a leading promotion agency, being one of the recognized agencies in Latin America and the Caribbean with the Global 2023 Investment Award from the Annual Investment Meeting (AIM) organized by the government of the United Arab Emirates.”.
She states that she will remain committed to fostering a business-friendly environment, working with investors and stakeholders to ensure that the country remains an attractive and competitive destination for Foreign Direct Investment.
On the growth of FDI
The tourism sector played an important role in the growth of FDI flows in the country, remaining the leading sector with an investment exceeding US$1 billion for the first time in history, representing 25% of total FDI flows during 2022, Riveiro points out.
It highlights that the energy sector accumulated the largest absolute growth, with an additional US$475.2 million and a total of US$753.4 million received. "In terms of importance, it is followed by the Trade/Industry sector, with absolute growth of US$292.1 million and a total value received of US$599.5 million.".
The government representative also highlighted the Brazilian origin of the investments, which totaled US$109.5 million in 2022, representing a significant recovery within an absolute growth of US$303 million. "Furthermore, US residents made US$1,520.9 million in foreign direct investment in the Dominican economy in 2022," she concluded.
