Minister of Industry Showcases Investment Advantages of the Dominican Republic at the “World Strategic Forum 2024”
During his participation in the “World Strategic Forum 2024”, Minister Víctor “Ito” Bisonó emphasized that the Dominican Republic’s economic growth reflects a model based on discipline, vision, stability, and legal certainty.
The Minister of Industry, Commerce, and MSMEs (MICM), Víctor “Ito” Bisonó, attended the “World Strategic Forum 2024: Thriving in the New Economy” in Miami, where he highlighted the competitive advantages the Dominican Republic offers as a destination for foreign investment.
Under President Luis Abinader’s leadership, Minister Bisonó stated, the Dominican Republic has undergone a strategic transformation driven by a vision for sustainable and competitive development, which many now refer to as the “Dominican miracle.”
“Following the pandemic, we achieved exemplary recovery, and for 2024, the World Bank and the International Monetary Fund project a growth rate of 5.1%, the highest in the region,” he said.
Economic Growth and Stability
The minister stressed that the Dominican Republic’s growth is a testament to its economic model, which combines discipline, vision, stability, and legal certainty. He noted that the credit rating agency Standard & Poor’s recently upgraded the country’s credit rating to BB, consolidating its position as a reliable investment destination.
“This progress is reflected in the 7.1% year-on-year increase in foreign direct investment in 2023, representing 41% of the total investment flows received in Central America,” Bisonó said.
Strengthening Partnerships and Embracing Nearshoring
Bisonó highlighted the strong partnership with the United States, which accounts for an average of 30% of investments in the Dominican Republic over the past decade.
Regarding the growing trend of nearshoring, he emphasized the country’s efforts to position itself as a hub for the global semiconductor and printed circuit board industry. “We are the ideal bridge between the Americas and the rest of the world, leveraging our competitive advantages and world-class connectivity,” he said.
President Abinader’s Decree 324-24, which prioritizes the promotion, innovation, and development of the semiconductor industry, is a cornerstone of these efforts.
Competitive Advantages for Investors
Bisonó listed key factors that make the Dominican Republic an attractive investment destination, including:
- Political and economic stability
- Advanced logistical infrastructure
- Investment incentives
- Highly skilled young talent
- Strategic geographic location
“With eight international airports and over 182 daily flights connecting us directly to more than 69 countries and 170 international destinations, the Dominican Republic ensures quick and efficient connectivity to major markets,” he stated.
In the maritime sector, he noted the country’s recognition by the United Nations Conference on Trade and Development as having the sixth-best port connectivity in the region. Last year, Dominican ports handled an impressive 2.3 million TEUs (Twenty-foot Equivalent Units), showcasing their logistical capacity.
Reforms and Innovation
The minister also highlighted initiatives such as “Zero Bureaucracy” and “24-Hour Customs Clearance,” which have streamlined processes and created a business-friendly environment. These measures, developed in collaboration with the private sector, have eliminated unnecessary barriers and accelerated decision-making, establishing the Dominican Republic as a model of agility and efficiency.
“This means the Dominican Republic is not just a destination for future investment—it’s the place to invest now,” he remarked.
Free Trade Zones and Global Impact
On the subject of free trade zones, Bisonó noted that over 850 companies operate in the Dominican Republic. “Today, we are the world’s leading exporter of handmade cigars and have secured our position as the third-largest exporter of medical devices to the U.S. in Latin America,” he added.
About the World Strategic Forum
The mission of the World Strategic Forum is to address key corporate and governance challenges while fostering a better understanding of the opportunities and obstacles facing the Americas in the global market. Central topics include the global economy, finance, technology, trade, energy, infrastructure, investment, and legacy planning.
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