- The Dominican State president indicated that the goal is for the country to double its Gross Domestic Product (GDP) by 2036.
President Luis Abinader reported that projections suggest that by the end of 2024, Foreign Direct Investment (FDI) in the Dominican Republic will reach $4.5 billion.
During an event held at the Central Bank auditorium, the President emphasized that this figure is a “result” of effective policies that make foreign entrepreneurs feel “secure” about their investments in the country.
“Political stability stands out as a distinctive element in the region, and both legal certainty and fiscal incentive schemes, combined with low country risk, contribute to a highly attractive environment valued by global investors,” stated Abinader.
The Dominican Head of State indicated that the goal is for the country to double its Gross Domestic Product (GDP) by 2036.
“This is the Dominican moment. There is no better place to invest than here. I assure you, the data confirms it, and you (the entrepreneurs) have already proven it,” exclaimed the President.
First quarter of 2024 exceeded one billion dollars
The Government announced that during the first quarter of 2024, the Dominican Republic attracted approximately $1.2685 billion in Foreign Direct Investment (FDI), representing a year-on-year increase of 1.5%.
This information was provided by the Executive Director of the Center for Export and Investment of the Dominican Republic (ProDominicana), Biviana Riveiro, who described this first quarter as “the best in the history of the Dominican Republic.”
Riveiro noted that this economic influx puts the country on a “good trajectory” to surpass the $4.3902 billion generated from Foreign Direct Investment (FDI) in 2023; which itself represented an increase from the $4.0988 billion in 2022.
Impact of Free Trade Zones
During his remarks, the Minister of Industry, Commerce, and SMEs, Victor “Ito” Bisonó, highlighted that free trade zones have been a key driver in attracting foreign investment to the country.
He pointed out that exports from free trade zones reached $753 million in June of this year, a 4.6% increase compared to June 2023.
“So far this year, these exports total $4.258 billion, a growth of 6.8% compared to the same period last year. If this trend continues, they could easily exceed $8.5 billion by the end of 2024, setting yet another new record. And if we talk about cumulative investment, the result is also remarkable, reaching a record of nearly $7.5 billion last year, with a 44.5% growth compared to 2020, hosting investments from more than 40 countries,” Bisonó stated.
Recognition of 11 foreign companies
During the event, 11 foreign capital companies were recognized for their contributions to the economy through job creation, foreign exchange earnings, technology transfer, promotion of exports, and enhancement of international competitiveness.
In the “Industry & Commerce” category, Bepensa Dominicana was recognized for its consistent commitment to industrial and commercial development in the country, promoting economic growth and creating quality jobs. LY Company Caribe received the “Sustainable Investment” award for its sustainable investments, promoting responsible business practices respectful of the environment.
Medtronic (Davis & Geck Caribe) was awarded in the “Free Trade Zones” category for its impact on the medical device industry, generating quality jobs and enhancing competitiveness through increased technology transfer.
Major League Baseball (RD) received recognition in the “Sports Development and Training” category for its leadership in sports development and training, providing opportunities for young Dominican talents, creating thousands of jobs in the country, and contributing to the development of Dominican sports.
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