The president of the American Chamber of Commerce of the Dominican Republic (AMCHAMDR), Edwin De los Santos highlighted the great contributions to the development of the country and the mining and electricity sector.
De los Santos spoke at the AMCHAMDR’s monthly luncheon conference in which the Minister of Energy and Mines, Antonio Almonte was the special guest and speaker.
At the luncheon entitled “Energy and Mining Transition: Challenges and Opportunities”, De los Santos referred to the mining industry, a sector that has been crucial to Dominican economic development, generating thousands of direct and indirect jobs, contributing more than 1.8% of the country’s gross domestic product (GDP) in the last 10 years.
The AMCHAMDR president also highlighted the positive impact of mining production in certain provinces, such as Sanchez Ramirez and Monseñor Nouel, where the mining industry has contributed significantly to human development, improving key indicators such as formal employment, access to housing, health coverage, and reduction of extreme poverty.
“Mining, through significant and consistent investments of capital and human resources, has become an engine for the country’s development, showing enormous potential for sustainable growth. This sector directly influences exports and foreign direct investment, while at the same time generating quality jobs, generating well-being for communities, and new opportunities for the country’s development.
Regarding the electricity sector, the president of AMCHAMDR highlighted the importance of electricity as one of the fundamental bases of national competitiveness to accelerate the attraction of investments in various areas that contribute to the growth of the national economy.
De los Santos assured that the country has made great strides in the electricity generation industry and has advanced consistently bringing new investments for the construction of generation parks from renewable sources; however, he acknowledged that there are still important challenges to achieve the sustainability of the electricity sector and a stable service for the benefit of end users.
“The Dominican mining and electricity generation industries have important elements as a whole, such as, for example, representing 30% of foreign investments in the last decade, and both sectors are located annually within the 10 largest contributors to the Dominican Republic’s tax base, according to data from the Directorate General of Internal Taxes, explained the president of the board of directors of the entity.
Therefore, it is essential to ensure the preservation of the public policies that have allowed these economic success stories for the country (…) and to maintain the positioning that the Dominican Republic exhibits today as a great place to attract greater investments in these sectors in a competitive and transparent manner so that these investments can continue to be made in the future,” he said.
William Malamud, executive vice president of AMCHAMDR, highlighted the need to achieve a sustainable energy transition because of its high degree of environmental importance and the contributions it could make to the continued economic growth, health, and well-being of future generations.
“Our greatest hope lies in an accelerated transition to renewable and alternative energy that will significantly reduce greenhouse gas emissions while providing affordable and reliable energy to a growing economy,” Malamud said.
The AMCHAMDR luncheon is made possible thanks to the support of the Chamber’s Elite Circle member companies: AES Dominicana, Barrick Pueblo Viejo, Cervecería Nacional Dominicana, Citi, HIT Puerto Río Haina, Grupo Humano, Inicia, Grupo Martí, Altice Dominicana, Grupo Rica, Grupo SID, Grupo Punta Cana, Grupo Estrella and Squire Patton Boggs.
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