President Luis Abinader highlighted the Dominican Republic’s potential to receive foreign investments.
He emphasized that development within a democracy is essential for the fruits of that democracy to reach everyone, especially the most vulnerable.
President Luis Abinader said yesterday in New York, United States, that for more than 50 years the Dominican economy has experienced an average annual growth of around 5%, reaching a gross domestic product (GDP) of more than US$130,000 million, which makes it the seventh largest economy in Latin America and the Caribbean.
The Dominican head of state addressed the issue at the “Investment in Infrastructure in Latin America and the Caribbean” conference focused on “identifying opportunities for investors and asset management,” organized by the Latin America and the Caribbean Development Bank (CAF) and the Financial Times.
He spoke about the advancements of the DR in constructing all kinds of infrastructures, maritime, air and land transport facilities, the progress in legal and economic matters and the facilities for investment by the private sector.
“Working to achieve these goals is the most valuable legacy we can leave to future generations. Our government is in favor of business, employment, growth and innovation. Please visit the DR soon,” said President Abinader.
He said that such a meeting is essential for an audience of experts in order to develop new approaches that facilitate timely and adequate access to international financing for infrastructure investment.
Elaborating on the macroeconomic stability of the DR, which has attracted investors looking for a favorable business climate like the one that currently exists in the country, seen in a significant flow of foreign direct investment, which in recent years has been about 4% of GDP.
He said that this reality has been acknowledged by renowned rating agencies such as Fitch, Standard and Poor’s and Moody’s, which have recently improved the rating or outlook.
“In addition, according to the Emerging Market Bond Index (EMBI), DR’ country risk is lower than that of other nations with an investment grade rating, which allows a lower cost of access to financial markets,” he said.
He said that the country is working on the physical and human infrastructure necessary to achieve recognition as a world-class logistics hub.
He added that in port connectivity the country has 10 seaports that handle international cargo and is on track to reach 2.5 million TEUs per year; It also has eight airports that connect it with 170 destinations in the world.
The Dominican head of state said that they have built numerous tourist ports and fishing piers and at Manzanillo port on the north coast a large multimodal logistics dock is underway that will bring Dominican exports even closer to the East Coast of the U.S.
He highlighted the dynamism of the private sector, committed to public-private partnerships to expand, build and operate ports or airports.
He added that as connectivity is an essential element for trade, tourism and investment, he recently signed important open skies agreements with the US and Canada. Evident strength to attract foreign investment in the tourism sector.
“My government is developing an Integrated Transportation System for the two most important urban areas of the country: Santo Domingo and Santiago, which includes important infrastructure projects such as monorails, cable cars and the expansion of the Santo Domingo metro,” he said.
He said that “our strength to attract foreign investment is evident in our tourism sector, especially in Punta Cana and Miches. Now we are promoting a new tourist pole in the south of the country, in Pedernales.”
He went on to speak about the rehabilitation of the tourist center of Puerto Plata with the development of the Playa Bergantín tourism and real estate project in the hands of the private sector and aimed at promoting innovation in the digital field and that will include an extensive road infrastructure, an academic campus, a film studio and a golf course in the area.
He highlighted the importance of technology for sustainable and short-term development. He said that he issued a decree that declares the promotion, innovation and development of the semiconductor industry a high national priority, so he ordered the formation of the national strategy to Promote the Semiconductor Industry.
Regarding the mining sector, he said that he is committed to expanding operations in the DR. He pointed out that the country has gold, silver and nickel, and has had bauxite and that where there is mineral there are usually rare earths.
“We are exploring this possibility with the help of the U.S. Army Corps of Engineers. We are also well aware of the international standards set for mining by the Extractive Industries Transparency Initiative that we adopted in 2016,” he explained.
He concluded by saying that inclusive sustainable economic growth, political stability, and individual freedom are intrinsically linked and can only truly thrive under democratic systems.
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