“The Dominican Republic is the EU’s largest trading partner in the Caribbean”. The phrase is from Ursula von der Leyen, president of the European Commission, and highlights the DR’s capacity to attract investment and host projects promoted by the European Union. The words, published on Twitter, followed a meeting between the leader and President Luis Abinader.
“I assured Luis Abinader of our support for a green transition that benefits everyone. #GlobalGateway is ready to deliver investments for vital infrastructure,” Von der Leyen noted, following a meeting of about half an hour with the Dominican president.
Not just investing
The contact took place in the framework of the III European Union-Community of Latin American and Caribbean States (Celac) Summit, the first held since 2015. The event has served for the EU to announce an investment of US$50.5 billion in Latin America and the Caribbean. In the background, the veiled threat to the old continent of China or Russia gaining positions in the region.
“We are not only interested in investing, we want to partner,” said the president of the European Commission.
Von der Leyen points out that both agencies must “agree together” which sectors or initiatives will receive part of these funds.”More than 135 projects are in the pipeline,” he advanced. This ranges “from clean hydrogen to critical raw materials; from the expansion of high-performance data cable networks to the production of the most advanced RNA vaccines.”In this regard, the region’s potential in the area of green transition is again attracting the focus of potential investment.
“We are trade and investment partners,” advocated Luis Abinader in his speech during the Summit. “Our joint actions already cover a wide range of priorities, such as green and digital just transition, sustainable and inclusive economy, and human development, including health and education, as well as research, innovation, and development.”
Some trade figures between the DR and the EU
The trade relationship between the EU and the DR, highlighted by Von der Leyen during his meeting with Abinader, yields some interesting data:
Foreign Direct Investment: five EU countries are among the 15 countries that contributed the highest amount in FDI in 2022. They were Spain (US$346.5 million), Germany (US 135.5 million), Denmark (US$102.7 million), France (US$97.7 million), and Italy (US 46.6 million).
Exports:
Three EU countries formed part of the 10 that imported the most goods and services from the DR in 2022. They were the Netherlands (US$441.59 million), Italy (US$133.7 million), and Germany (US$133.33 million). In the first five months of 2023, Belgium made a dent in the top 10 (+26.6% y-o-y). Imports: Three EU countries are part of the 10 that exported the most products to the DR during 2022: Spain (3.2 %), Italy (2.7 %), and Germany (1.5 %).
While waiting to know how the announced investment will be distributed, the European Union showed its interest in strengthening relations and increasing its presence in the region.
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