The Dominican tourism industry led Foreign Direct Investment (FDI) in the first quarter of 2024, surpassing figures from the first quarter of 2023, with US$111.4 million, also setting record figures in these lines with a 29.34% share, outdoing the energy sectors that captured 25.67%, commerce and industry with 14.19%, and the real estate sector that snagged 14.15%, according to information collected by Infotur Dominicano.
In May, executive director of the Dominican Export and Investment Center (ProDominicana), Biviana Riveiro Disla, highlighted the growth in Foreign Direct Investment during the first quarter of 2024, which reached the unprecedented figure of US$ 1,280.9 million, for a 2.4% year-on-year increase. According to the Dominican Republic Central Bank’s (BCRD) preliminary report, this makes it the best January-March quarter in attracting FDI to the Dominican economy.
Riveiro also highlighted how this value of US$1,2803.9 million represents a 32.4% growth compared to the first quarter of 2019, prior to the pandemic. In sectoral terms, this performance is due to the increase seen in the real estate, communications, and tourism industries, according to the Dominican Republic Central Bank (BCDR).
Foreign investment’s favorable behavior contributes positively to foreign exchange income in the Dominican Republic, representing 11.57% of a total of US$11,069.3 million received for this concept during January-March 2024. This means a year-on-year growth of 4.5% equivalent to an absolute increase of more than US$481.5 million.
So, the flow of investment to the Tourism sector stood at US$383.3 million, surpassing the US$300 million barrier in the first quarter for the first time in history as well as exceeding the US$271.9 million received in the first quarter of 2023 by US$111.4 million, according to BCDR data and provided by Prodominicana.
*Source: Infotur Dominicano
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