As of the first semester of 2023, foreign direct investment (FDI) in the country reached US$2.15 billion, representing the best performance in relation to the first six months of the last 10 years, highlighted Thursday by the executive director of the Dominican Republic Export and Investment Center (ProDominicana), Biviana Riveiro Disla.
Riveiro shared the information during the opening of a ceremony to recognize 12 foreign direct investment companies for their contributions to the economy and their impact on job creation.
He revealed that, according to projections for 2023, everything indicates that the country will surpass the figure of 4 billion dollars in FDI by the end of this year, with capital diversified in different productive areas such as free zones, tourism, and renewable energies, which has had a significant rebound.
He detailed how the investment of foreign companies is reflected in the recipient countries, citing that for every dollar received by a recipient country, between 15 and 56 additional dollars are generated in the local economy. In addition, there is an increase in specialized formal jobs.
Government recognizes companies
The celebration of the Protocol Act was headed by the President of the Republic, Luis Abinader, and the executive director of ProDominicana.
Twelve foreign direct investment companies were recognized for their contributions to the economy and their impact on job creation, competitiveness, innovation, and the promotion of exports from the Dominican Republic.
In his speech, the President expressed his gratitude to the companies that have bet on the development of the country. “Despite the turbulence that has shaken the world economy since 2020, today we find ourselves here, exhibiting records in attracting international capital for the Dominican economy that have been directed to various productive sectors such as tourism, free zones, real estate, mining, energy, financial, trade and industry and transportation. Our nation is increasingly being recognized for the quality and value of the investments received, as well as for our advanced telecommunications network, road infrastructure, and state-of-the-art land, air, and maritime transportation logistics system; this translates into competitive advantages that allow us to sustain more productive investments”, said the President.
He also invited investors to continue working together and emphasized that “This is the Dominican moment. Do not let it pass”.
He stressed that in the last three years, ProDominicana has worked hand in hand with representatives abroad, diversifying markets and incorporating new activities that provide visibility, and contact with potential investors through participation in more than 140 investment promotion activities, both face-to-face and virtual, in more than 30 countries.
“The Dominican government has also generated key instruments, through public policies especially oriented towards the promotion and simplification of procedures, such as the Zero Bureaucracy Program, the Single Window for Investment (VUI) and the creation of the Investment Guide circulated in more than 10 languages,” he said.
Spanish investment in Dominican hotels totals US$6 billion
ODS Map
During the event, Riveiro informed that among the novelties of the ProDominicana Investment Guide, for the first time, it will include an SDG Investment Map for the Dominican Republic which was presented at the event by the United Nations Development Program (UNDP) by Inka Matila, who explained that the map will present 17 priority areas in 6 crucial sectors for the country and its elaboration involved interviews, workshops, and surveys to identify important key investment areas to accelerate sustainable development.
For his part, the Minister of Industry, Commerce, and MSMEs, Víctor -Ito- Bisonó, said that it is important to emphasize the current climate of confidence and socioeconomic stability, supported by an open economy, a solid infrastructure, and a favorable political environment.
“Especially this government administration, headed by President Luis Abinader, which has given foreign investment a place of great importance as an engine of development and innovative transformation of the country. In addition to betting on the public-private partnership as a way to create opportunities, quality jobs and generate confidence in investors,” he said.
During the event, Jacopo Dettoni, editor of fDi Magazine, a specialized investment magazine of the Financial Times, gave a keynote lecture on “The Dawn of a New Era, Foreign Direct Investment in the New Global Order”. In addition, Dettoni is an international speaker at events discussing the benefits and trends of global trade and investment. In his lecture, Dettoni highlighted three elements to consider in order to adapt to this new stage: Geopolitics, Sustainability and Digitalization.
More Investment
In the same vein, during 2022, our country was the main recipient of foreign direct investment in the regions of Central America and the Caribbean, reflecting in a special way, an observed increase of 53% in FDI registered in the Caribbean region, attributed, mainly to investments received in the Dominican Republic, according to data from the World Investments Report UNCTAD, said Biviana Ribeiro.
Honorees
The awards were given to companies that have stood out for the stability and strength they have shown in the performance of the Dominican economy. Particular recognition was also given to those companies with the longest track record, seniority and size in the Dominican Republic, focused on strategic sectors.
Cervecería Nacional Dominicana was recognized in the Industry category for its contributions to the industrial, cultural and economic development of the country, and its high sense of social responsibility. Fenwal International, in Zona Franca for its impact on the development of the medical device industry, generating quality jobs and increasing our competitiveness through greater technology.
Industrias San Miguel del Caribe was recognized in the Border Zone category for its socioeconomic contribution to the dynamism of the border zone, generating jobs, infrastructure, and quality industrial development. The Dominican Mining Corporation also received an award for its contributions to the development of the mining sector through significant investments and exports.
TotalEnergies, in the Energy category for its contributions to the diversification of the country’s energy matrix, strengthening the supply of clean, renewable and sustainable energy.
In the Cinema and Audiovisual category, Caribbean Cinemas, a pioneer in the film industry in the region, was recognized for its presence in 16 islands of the Caribbean, Central and South America and 20 provinces of the country.
In Telecommunications, Altice Dominicana received recognition for its contributions to the development of communications and technological infrastructure in the country.
Aeropuertos Dominicanos del Siglo XXI was recognized in the Logistics category for its contributions to the development of the country’s logistics infrastructure and its high impact on Dominican tourism. In the Commerce category, Energía Natural Dominicana was recognized for its contributions to the supply and sustainability of the energy infrastructure.
Also, Banco LAFISE, in the Financial category for its contributions and investment, betting on the strengthening of the export sector, particularly in Central America.
In the Real Estate sector, Playa Grande Golf & Ocean Club was recognized for its investment in the development of high-level real estate, tourism and sports facilities.
Finally, in the Tourism category was Grupo Piñero, for its constant reinvestment and expansion, strengthening and diversifying the tourism offer.
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