He highlighted that the nation has the most connected airport in the Caribbean, as well as a port infrastructure that places the territory third in maritime connectivity in the region, making the Dominican Republic a safe bet for investment in a context of global political, economic and social turmoil.
SANTO DOMINGO– “Our country is an attractive destination for foreign direct investment, due to our geographic location and proximity to major commercial destinations, which positions us on the 'nearshoring' map, a strategy increasingly used as a mechanism for reducing costs and mitigating risks associated with tariffs and supply chain delays,” Vice President of the Republic and coordinator of the Investment Promotion Cabinet, Raquel Peña, explained to diplomats yesterday.
During a meeting with the Diplomatic Corps accredited in the Dominican Republic, held in the Las Cariátides Hall of the National Palace, the official explained that the Dominican Republic currently enjoys a more robust regulatory framework, which has been strengthened to provide greater legal certainty to investors.
“This government has placed foreign investment in a position of great importance, aware that it represents the greatest vehicle for sustainable economic development, and an example of this is precisely the integration and articulation, by decree, of the Investment Promotion Cabinet,” he emphasized.
In his opinion, the Dominican Republic enjoys special characteristics that make the country an attractive destination for foreign direct investment, such as its geographic location, a robust regulatory framework, and true political, economic, and social stability.
The official gathered the diplomats accredited in the Dominican Republic, with the aim of explaining the work of the cabinet she heads and coordinates, and increasing the benefits between countries.
Peña argued that the nation has the most connected airport in the Caribbean, as well as a port infrastructure that places the territory third in the region for maritime connectivity, making the Dominican Republic a safe bet for investment in a context of global political, economic and social turmoil.
“It is for this and other reasons that the Economic Commission for Latin America (ECLAC) recognized our country as a leader in foreign direct investment, attracting 48 percent of the capital invested in the region,” the vice president highlighted.
For his part, Foreign Minister Roberto Álvarez stated that “for countries like ours, well-managed foreign investment is vital when it is to stimulate, among other things, local capital investment, and facilitate improvements in the placement of human capital.”.
The Minister of Industry, Commerce, and MSMEs, Victor "Ito" Bisonó, stated that the Dominican Republic has been the Latin American country with the highest economic growth in recent years, according to data from the International Monetary Fund. He indicated that for the period 2014-2019, the country grew by an average of 6.2%, surpassing Mexico (2.4%) and Costa Rica (3.3%).
“Our country enjoys one of the best levels of connectivity in Latin America, allowing it to access markets in Europe, Asia, and the United States in record time. It has eight international airports with 320 daily flights connecting the country,” Bisonó emphasized.
Favorable weather
The World Tourism Organization released the first Investment Guide for the Dominican Republic, highlighting the country as one of those with the best conditions for investment in the tourism sector due to its geographic location, legal security and solid political stability, among other factors.
Meanwhile, the World Bank, in its overview of the Dominican Republic, highlighted that the country achieved a growth of 12.3% in 2021, and also emphasized fiscal and monetary policies as a support for the economy.
About the cabinet
In 2020, President Luis Abinader created, through decree 498-20, ten cabinets, including the Investment Promotion Cabinet, in order to "guarantee greater levels of coordination and increase efficiency, effectiveness and agility in decision-making at the level of the public administration" and by the president.
Through Decree 849-21, President Abinader appointed the Vice President of the Republic as coordinator of the Investment Promotion Cabinet, which is also composed of the heads of the following institutions: the Vice Presidency, which presides over and coordinates it; the Export and Investment Center of the Dominican Republic (Prodominicana), which serves as its secretariat; and the ministries of the Presidency; Finance; Industry, Commerce and MSMEs; Tourism; Environment and Natural Resources; Economy, Planning and Development; Foreign Affairs; the General Directorate of Public-Private Partnerships; and the Banco de Reservas.
