Aims to strengthen the Dominican Republic’s competitiveness internationally
The executive director of the Export and Investment Center of the Dominican Republic (ProDominicana) Biviana Riveiro Disla, highlighted the growth of foreign direct investment (FDI) in the country during 2023, which reached US$ 4,381 million, for a year-on-year increase of around 9.2%.
Riveiro indicated that “for the second consecutive year, the country exceeded US$ 4,000 million, consolidating its leadership in attracting investment in Central America and the Caribbean.”
According to the Central American Monetary Council’s data, the growth trend was already evident in the first half of 2023 when the country ranked first in attracting investment, surpassing all Central American countries.
“This result reflects the fulfillment of a precise government program, a clear foreign policy, and institutional promotional efforts aimed at strengthening economic relations with various blocs and countries from which to attract new investments,” she said.
Biviana Riveiro indicated that “this value means that FDI exceeds the average received during the last decade and putting the Dominican Republic in a record position in attracting foreign investment for the second year running, with really active energy, tourism, real estate, and trade/free zones sectors.”
She indicated that these results show a year-end with a GDP growth rate above the regional average for Latin America.
Economic Outlook
Meanwhile, there is a favorable recovery of the main macroeconomic variables, which, added to an international economic environment with higher levels of stability, is estimated to see 2024 with economic growth in line with our 5% potential, the recovery of our exports, and the continued influx of FDI.
The official also emphasized the importance of continuing to encourage new foreign investment by simplifying procedures and improving the business climate with initiatives within the Zero Bureaucracy Program, which includes the One-Stop Window for Investment already in place since 2022.
She said that these measures are aimed at fostering an environment conducive to investment and economic development to strengthen the Dominican Republic’s competitiveness on an international level.
Also, promote investment in the various provinces of the country and continue with the strategy of attracting innovative sectors with greater added value for the diversification of the FDI portfolio, with a greater focus on sectors such as the electromechanical industry, automotive, medical devices, agribusiness, modern services, among others”
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