SANTO DOMINGO– According to the latest statistics from the Central Bank of the Dominican Republic (BCRD), foreign direct investment during the first quarter of 2024 reached the best figure in history with a value of USD 1,268.5 million for a year-on-year increase of 1.5% and positions this period as the best quarter, January-March, in attracting FDI in the Dominican economy.
Yesterday, Wednesday, during the Regional Meeting of the World Association of Investment Promotion Agencies (WAIPA), which the Dominican Republic hosted and which was organized by the Dominican Republic Export and Investment Center (ProDominicana), and which brought together countries from Central America and the Caribbean, such as the Bahamas, Bermuda, Saint Lucia, Curaçao, Costa Rica, Honduras, the United States (Florida), Ghana, Guatemala, Guyana and Dominica, the Dominican Vice President, Raquel Peña, highlighted the country's achievements in foreign investment.
The vice president, who is also the president of the Investment Promotion Cabinet, maintained that investment promotion agencies play a crucial role in facilitating collaborations, fostering technology transfer, and promoting innovation, as is the case with ProDominicana, under the leadership of its director Biviana Riveiro, which, according to Peña, has been a spearhead in the constant growth of attracting investments.
He also emphasized that the trust the nation currently enjoys is the foundation upon which lasting alliances and opportunities for mutual growth are built, and "it is a virtuous cycle" that has allowed the government to invest in far-reaching social programs that raise the quality of life of citizens.
The Dominican Republic hosted the event. (External source).
ProDominicana's Executive Director, Biviana Riveiro, who is also WAIPA's Regional Director, highlighted the country's recent achievements in foreign direct investment: "ProDominicana's election to the steering committee to represent WAIPA's Central America and Caribbean regional office is both a privilege and a great commitment to leading initiatives that strengthen investment attraction. This involves integrating efforts so that each country in our region can benefit from the opportunities this entails, especially given the numerous challenges and situations we have faced in the recent past that have forced us to adapt to change.".
He asserted that these actions have succeeded in driving consecutive historical records of more than USD 4 billion in FDI inflows in sectors such as tourism, energy, trade and industry, real estate, mining and telecommunications.
Similarly, Hostos Rizik, executive director of the Central American Bank for Economic Integration (CABEI for the Dominican Republic), stated that the Dominican Republic has proven to be a leader in the region and has the largest economy, reaching a Gross Domestic Product (GDP) of USD 119,966.0 million at the close of 2023 (25.9% of the production of the entire Central American region), with an expected economic growth of 5.4% for 2024 according to the International Monetary Fund (IMF), achieving a trend of recovery to pre- COVID-19, with a dynamic economy and a favorable environment for both national and foreign investment.
The event included lectures by Ismail Ersahin, Executive Director of WAIPA, who spoke on “Investment Promotion Agencies as Drivers of Growth: Current Landscape and Future Prospects”; Amelia Santos, Head of the Investment Research Section at UNCTAD, on the topic of Facilitation and Governance for Attracting Foreign Investment in Central America and the Caribbean; Escipión Oliveira, Director of the Business Competitiveness and Institutions Division at the International Trade Centre (ITC), on International Business Perspectives in Disruptive Times; and Manuel Fernelis Ogando, Country Manager of the CABEI, who spoke on International Business Opportunities and Institutional Support with the CABEI.
Regional and international organizations participated, such as the Central American Bank for Economic Integration (CABEI), as an official collaborator of the event, the United Nations Conference on Trade and Development (UNCTAD), the International Trade Centre (ITC), the World Tourism Organization (UNWTO), and the United Nations Industrial Development Organization (UNIDO)).
The activity focused on promoting collaboration between investment promotion agencies in the region and providing a space to share knowledge and visions that promote the attraction of foreign direct investment.
