Santo Domingo. Customs director general, Eduardo Sanz Lovatón,Yayo, explained to a multinational audience the advantages of the Dominican Republic as an attractive destination for investment and export, potentially the largest and most important logistics and business hub in the region.
While participating in Expo Dubai 2020, the largest international fair in the world, Sanz Lovatón highlighted that the Dominican Republic is the best-connected destination in the Latin American and Caribbean region, with 8 international airports, 320 daily flights, 3 cruise ports and 12 cargo ports, which handle around 90 weekly ships with direct routes to North America, Europe, Asia, the Caribbean and South America, as well as with the capacity to receive post-Panamax vessels.
The head of the Customs Directorate (DGA) pointed to the availability of world-class logistics infrastructures and services, the country´s political and economic stability over the last decade, and the application of favourable tax incentives for foreign investors, in addition to a more up-to-date legal framework in terms of international trade.
He emphasized that despite the pandemic, the country has the fastest growing economy in Latin America and the Caribbean, with a gross domestic product (GDP) that is expected to reach a record figure of 9.5% at the end of this year, well above the 6.3% that is forecast for the region, thanks to the confidence generated under President Luis Abinader´s governance.
He said that the country receives about 47% of foreign direct investment destined for the Caribbean, which makes it the first investment destination in the area and the second in Central America.
The official stressed that the Dominican Republic not only has operation and connectivity advantages, but also strong economic sectors that are attractive for investment, such as tourism, commerce, industry, real estate, mining, power, and free zones.
In addition, the country participates in various bilateral and multilateral trade agreements such as DR-CAFTA, the EPA (Economic Partnership Agreement), the Partial Agreement with Panama, the Agreement with Central America and Caricom-DR, which grant the country access to more than 48 markets and more than 1,000 million consumers.
“Expo Dubai 2020 is the largest international fair in the world, where more than 192 countries participate and is an ideal platform to showcase the Dominican Republic as an attractive business partner, considering the diversity of the availability of potentially exportable national products and their high demand on international markets, as well as the logistical, operational and tax advantages the nation offers for foreign investors,” he said.
Source:
El Día