In terms of attracting foreign direct investment (FDI), the Dominican Republic is experiencing a historic moment after bringing in US$4,010.4 million or RD$220,934.1 million, a figure that was not only 25.5% higher than that recorded in 2021 but also represents the maximum value in history.
According to statistics published by the Central Bank of the Dominican Republic (BCRD), last year, 71% of FDI was concentrated in four sectors: tourism, energy, commerce/industry, and real estate. In this regard, the tourism sector not only obtained the highest participation with 25% and an absolute amount of US$1,011.1 million but also led the country in the region in terms of total employment generated, reaching 6,947 jobs.
This figure exceeds the sum of the nine main sectors. In fact, it represented 65% of the 10,688 jobs created by the Tourism and Hotel industry in Latin America and the Caribbean in 2022. This is detailed in a report provided to elDinero by the Dominican Republic’s Export and Investment Center (ProDominicana), which also states that the Dominican Republic stood out for obtaining an average of 1,158 jobs per project, the highest in the region.
On the other hand, the sum of the total number of vacancies generated by Mexico, Brazil, Colombia, Costa Rica, Argentina, Chile, Cuba, Panama, and Peru was only 3,741, or 35%.
Travel and Restaurants
As detailed, the flow of investments to the travel and restaurant sector was the largest on record, showing a 4% growth over the previous year. ProDominicana explains that such variation evidences the consolidation of the country as a leading tourist destination in the region.
In addition, diversification as well as the entry of new projects and the expansion of existing ones have contributed to the growth of the sector. In this sense, during the year 2022, the Dominican Republic led Mexico as the main recipient of FDI in Hotel and Tourism in terms of the number of projects. In both cases, they received six.
In the same order, at least five foreign investment companies entered the country in 2022, only in the travel and restaurant industry. Thus, historically, Dominican tourism has played a leading role in the national economy, contributing significantly to the gross domestic product (GDP) and to the generation of foreign exchange that strengthens the balance of services within the country’s balance of payments.
ProDominicana states that “aware of its importance, the government has intensified tourism promotion actions at the international level, paving the way for the sector to maintain its characteristic dynamism, sustainability, and resilience in the coming years”.
The Dominican Republic has been recognized worldwide for the rapid recovery of the sector and of the economy in general, where the sector has been able to recover rapidly.
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