The President of the Dominican Association of Foreign Investment Companies (ASIEX), Alejandro Peña Prieto, yesterday acknowledged the Government’s efforts to strengthen the legal security of investments, which, in his view, has contributed to positioning the country as the main investment destination. In this regard, he stated that foreign investment has had a significant impact on the Dominican economy, representing approximately 4% of the Gross Domestic Product (GDP) in 2023, 30% of all tax revenues, 73% of exports, and the creation of more than 200,000 formal quality jobs.
The businessman addressed the issue during a meeting with the presidential candidate of the Modern Revolutionary Party (PRM), Luis Abinader, who presented the main projects of his government plan in this area to this organization.
The president stated that by the end of last year, net flows of Foreign Direct Investment (FDI) in the Dominican Republic reached the historic figure of $4.39 billion, an increase of 45% compared to the pre-pandemic year of 2019, destined for tourism, energy, real estate, mining, free zones, commerce and industry, transportation, and the financial sector.
Abinader said that, thanks to the positive correlation between higher Foreign Direct Investment (FDI), higher economic growth, and domestic investment, today the country is moving towards an economic transformation, accompanied by more than 700 investor companies that have decided to bet on productive sectors, Dominican creativity, and effort.
“The International Monetary Fund (IMF) has even highlighted the structural flexibility of the Dominican economy in the face of changing global conditions. In addition, according to World Bank projections, the Dominican Republic is expected to experience economic growth of over 5% for the years 2024 and 2025, consolidating its position as the fastest-growing economy in Latin America and the Caribbean, except for the special case of Guyana,” he added. The PRM presidential candidate pointed out that in addition to leading in attracting Foreign Direct Investment in the region, the Dominican Republic is the top destination for investment in Renewable Energy and Tourism projects.
He said that the country’s economic growth is not a miracle but the result of collective effort in which investors have played a prominent role. “Today, we are one of the countries in the region with the greatest economic stability, but we still have challenges ahead,” he said.
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