The Executive Director of the Export and Investment Center of the Dominican Republic (ProDominicana), Biviana Riveiro, highlighted today the growth of Foreign Direct Investment (FDI) during the first quarter of 2024, reached $1,280.9 million, representing a year-on-year increase of 2.4%.
She stated that this figure positions this period as the best January-March quarter in attracting FDI in the Dominican economy, according to the preliminary report of the Central Bank of the Dominican Republic (BCRD).
Riveiro indicated that “for the third consecutive period, amid an electoral year, the country exceeds the $1 billion mark during this first quarter, which contributes to the consolidation of regional leadership.”
This result reflects the fulfillment of a precise government program, a clear foreign policy, and institutional promotion efforts aimed at enhancing economic relations with different blocs and countries.
Additionally, Riveiro emphasized that this value of $1,280.9 million represents a growth of 32.4% compared to the first quarter of the pre-pandemic year 2019. In sectoral terms, this behavior responds to the increase recorded in the real estate, communications, and tourism sectors, according to the BCRD.
Foreign Direct Investment Flows in the Dominican Republic
In terms of projections, the BCRD estimates that FDI in the Dominican Republic will close at around $4.5 billion by the end of 2024, which favors the relative stability of the exchange rate, enables an adequate level of international reserves, and promotes price stability.
The document indicates that this favorable behavior of foreign investment positively contributes to foreign exchange earnings in the Dominican Republic, representing 11.57% of a total of $11,069.3 million received for this concept during January-March 2024.
“This value shows a year-on-year growth of 4.5%, equivalent to an absolute increase of more than $481.5 million,” expressed ProDominicana.
Likewise, the Executive Director of ProDominicana highlighted the importance of continuing to promote the attraction of foreign direct investment through the simplification of procedures and the improvement of the business environment, as part of the actions of the Zero Bureaucracy Program.
In this context, Riveiro highlighted the successful promotion of the Investment Guide in 10 languages and the implementation of the One Stop Shop for Investment (VUI-RD).
She stressed that the current FDI figures are part of ProDominicana’s efforts to intensify the country’s international promotion processes.
During this management, we have carried out international missions covering a wide variety of territories, participating in more than 200 fairs and international missions in 55 countries. Additionally, 34 sectoral events promoting the Dominican export offer and 9 events for the attraction of foreign direct investment have been held.
She added that these actions aim to create a more attractive environment for foreign investment and economic growth, with the goal of strengthening the leadership of the Dominican Republic regionally, stimulating investment in all productive areas of the country, and continuing to attract innovative sectors of high added value to diversify FDI attraction, with special emphasis on areas such as electromechanical industry, automotive, medical devices, agribusiness, modern services, among others.
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