- The manufacturing sector generates more than 147,000 jobs
- AIRD “Industrial Awards 2024”
The members of the Dominican Industries Association (AIRD) plan to make an investment of 87,000 million pesos next year, 2025. As explained by AIRD president, Julio Virgilio Brache, this initiative will result in a significant creation of quality jobs for the Dominican population.
“The firm commitment of the industries that are part of the AIRD to invest 87,000 million pesos by 2025 is evidence of this,” Brache said at the 2024 Industrial Awards ceremony, an event that was headed by the President of the Republic, Luis Abinader.
Economic impact
In his speech, Brache highlighted the fundamental impact that the manufacturing sector has on the national economy. According to him, local manufacturing represents 10.6% of the country’s Gross Domestic Product (GDP) and accounts for 16% of all tax collections. In addition, it generates more than 147,000 direct formal jobs, with salaries higher than the private sector average.
“Their contributions to social security and individual pensions are higher than the average for the economy,” said the head of the AIRD.
He also highlighted that 93% of the loans granted to the manufacturing sector are classified as A or B, which demonstrates the strength and reliability of companies in this area, well above the average for commercial loans.
“This economic performance is the result of the manufacture of products of the highest quality, destined not only for the national market, but are also exported and worth more than US$ 2,700 million annually to more than 80 countries,” Brache said.
“Made in the DR”
The president of the AIRD also highlighted the national pride generated by the Made in DR seal initiative launched by the Ministry of Industry, Commerce and MSMEs. This seal aims to distinguish, promote and encourage products manufactured in the Dominican Republic, consolidating the prestige of the local industry both nationally and internationally.
Industrialization
“When a country industrializes, it becomes a key player in international value chains and reduces its dependence on imported goods,” he added.
He said industrialization fosters innovation and the adoption of advanced technologies. “An industrialized country is capable of reducing vulnerabilities to economic crises and creating an ecosystem where both large and micro companies, small and medium-sized industries flourish, thus generating a virtuous circle of sustained growth,” said Virgilio Brache.
2024 Awards
Julio Virgilio Brache said that they also acknowledge industrial companies that fill us with pride with their trajectory, as is the case of the Dominican National Brewery, this year. It also recognizes the architects of the industrial sector development, such as Elena Viyella de Paliza, highlighting of the businesswoman that she is “a leader who has consistently shown what integral commitment to the Dominican economy and society is.” In addition, the role of those who help promote Dominican industrial development through their initiatives, trajectory and leadership was recognized.
Source:
