A. Rubio
“The Dominican Republic is currently much more than the swimsuit” said the country’s Minister of Industry, Commerce and Mipymes (MICM), Victor Bisonó, during the Spain-Dominican Republic Business Summit, which was held on Tuesday at the headquarters of the CEOE in Madrid.
The minister, who headed a high-level Dominican government delegation visiting Spain, highlighted the high levels of confidence and investment currently registered in his country, which, he said, “are due to the good economic, political and social climate as well as the health”, in reference to the good management of the government during the crisis of covid-19.
Bisonó presented the business opportunities offered by the Dominican Republic to Spanish companies interested in investing. He also highlighted the rapid economic recovery that his country has experienced and the success of the free trade zones, which have boosted exports. The political and social stability of the island during the mandate of President Luis Abinader, he said, “has made the Dominican Republic one of the countries with the highest economic growth in the region”, registering an increase in GDP of more than 12% in 2021.
During the business meeting, the minister explained that the country has a robust legal framework and important tax incentives to promote investment. “As you can see, we are working hard to consolidate these advantages and transform ourselves into a genuine logistics platform through the development and exploitation of the country’s logistics potential throughout our geography,” Bisonó told the businessmen.
He said that the maturity in the field of manufacturing and logistics shows that the relocation of manufacturing in the Dominican Republic is already a reality. “The experiences of renowned multinationals in our country demonstrate this,” he said during the meeting, which he described as an excellent opportunity for Spanish companies to learn first-hand about the priorities of the Dominican government for the year 2022 as well as the sectors of opportunity and projects to be developed.
During the event, the Secretary of State for Trade, Xiana Méndez, stressed the importance of legal certainty and the business climate in the Dominican Republic when it comes to attracting investment. “The government has shown very clear signs in this regard,” she said during the inaugural session, which was also attended by the president of CEOE, Antonio Garamendi, and the director general of the Spanish Chamber of Commerce, Inmaculada Riera.
The Dominican government delegation, in addition to representatives of the business sector, was made up of Vilma Arbaje de Contreras, Deputy Minister of Foreign Trade of the Ministry of Industry, Trade and Mipymes; Hugo Rivera, Deputy Minister of Economic Affairs of the Ministry of Foreign Affairs; Víctor Rodríguez of the Ministry of Agriculture and Daniel Liranzo, Director of the National Free Trade Zones Council.
