They expressed concern about the possible diversion of investment flows to new tourism and real estate projects, which would lead to the loss of thousands of direct and indirect jobs in the sector.
SANTO DOMINGO.-The development of the tourism real estate sector in recent decades has generated investments of more than nine billion dollars, said the Dominican Association of Tourism Real Estate Companies (ADETI) yesterday, joining the call recently made by the Association of Hotels and Restaurants of the Dominican Republic (ASONAHORES) to maintain the set of public policies promoting the country's tourism development.
They pointed out that these plans are protected under Law 158-01 and its subsequent amendments, which have provided the tourism industry with its main tool to achieve greater competitiveness as a leading tourist destination in the Caribbean region.
They indicated, in a press release, that this has also generated the creation of thousands of direct jobs and a significant increase in the supply of accommodation for travelers visiting the country, managing to position itself in the midst of the pandemic as the essential complement to traditional hotel tourism.
They emphasized that the increase in investment levels should not be slowed down compared to the main competitors in the region, and an example of this is that since 2013 (last modification to Law 158-01 through Law 195-13), five countries in the region - Honduras (2017), Mexico (2019), Puerto Rico (2019), Panama (Master Plan 2020-2025) and Nicaragua (2020) - adapted their tourism legislation to incorporate into their legal system State policies on tax matters that have contributed to making them more competitive destinations, without overlooking other countries with previous legislation such as Costa Rica, El Salvador, Jamaica and Colombia.
In this regard, given any discussion of a possible modification of the regulatory framework that directly impacts the competitiveness of the tourism real estate sector, ADETI expresses its concern about the potential diversion of investment flows to new tourism real estate projects and, consequently, the loss of thousands of direct and indirect jobs in the sector. For this reason, they invited public authorities to analyze different alternatives to improve state revenues through consensus and without jeopardizing their regional leadership.
About ADETI
ADETI is a non-profit organization incorporated since 2006, composed of its members Cana Rock, Ciudad Destino Cap Cana, Costasur/Casa de Campo, Club Hemingway, Grupo Puntacana, Grupo Velutini, Metro Country Club, Playa Grande Golf & Ocean Club, Playa Nueva Romana, Puntarena, Rincón Bay, Terra RD Partners (asset manager of INICIA) and Tropicalia (Cisneros Organization), in whose projects the equivalent of some 27 thousand rooms have been built over the years, plus 4 thousand rooms currently under construction.
