MADRID, Feb. 15 (EUROPA PRESS) – The Minister of Industry, Commerce and Micro, Small and Medium Enterprises (MSMEs) of the Dominican Republic, Victor Bisonó Haza, has highlighted to Spanish businessmen the opportunities in the country resulting from the relocation of the supply chains or ‘nearshoring’, as well as a favorable business climate.
During the Spain-Dominican Republic Business Summitcana, the minister reviewed some relevant data on the Dominican economy. Among them, he has cited a year-on-year inflation of 0.5%, remittances of 10,000 million dollars during 2021 -with Spain being the second issuing country-, a workforce of five million Dominicans and direct foreign investment flows worth 2,485 million dollars between January and September 2021.
The country is also consolidated as the first exporter of cigarettes in the world market and the third Latin American exporter of medical instruments.
With these data, Bisonó has indicated that by 2022 the country’s economy is expected to grow at a rate of 5.5%, compared to the Latin American average of 4%. “The Dominican Republic is much more than a bathing suit,” the minister stressed in reference to the diversification of the economy and less dependence on tourism as an economic engine.
Likewise, he wanted to highlight the island’s advantageous position with respect to other Latin American countries in political, economic and social terms, which generates a climate of trust among investors who decide to arrive in the Dominican Republic.
DIVERSIFICATION AND IBERO-AMERICAN VOCATION
The president of the CEOE, Antonio Garamendi, For his part, he stressed the Ibero-American vocation of Spanish companies, emphasizing the good time to promote relations between the Dominican Republic and Spain.
In this sense, Garamendi has highlighted the commitment to the diversification of the Dominican economy in sectors such as agriculture, financial services or infrastructure. Finally, the president of the Spanish employers’ association has offered that the CEOE act as an “access bridge” between the Dominican Republic, Spain and Europe.
The general director of the Spanish Chamber of Commerce, Inmaculada Rierahas stressed that although the trade and investment relations between the two countries are “of an undoubted reference”, there is still potential to expand these alliances.
In this context, Riera has highlighted the strong recovery of the Dominican economy in 2021. According to data from the country’s Central Bank, the Dominican Gross Domestic Product (GDP) grew by 12.3% year-on-year and 4.9% compared to 2019 .
In the words of the general director of the Chamber of Commerce, this strong impulse is explained by a “very favorable” business climate for companies in the Caribbean country, as well as the aforementioned economic diversification, the support measures initiated by the Government and a successful vaccination campaign.
However, Riera considers that the bilateral trade flows between Spain and the Dominican Republic they are still below their potential, which is why he has called for reinforcing the commitment and commitment to internationalization and investment in the Caribbean country.
The Secretary of State for Commerce, Xiana Méndez, has picked up the glove of Garamendi and Riera, highlighting the strong recovery of the country through the diversification of the economy, qualifying the Dominican Republic as a “promising destination with potential”.
Méndez wanted to make a special mention of tourism, one of the Dominican economic engines and which, in the words of the Secretary of State, still has “a lot of potential, especially with regard to smart and sustainable tourism.”
At this point, the Secretary of State He recalled that Spanish companies want to be “fundamental” in the Dominican economy, through sectors such as infrastructure, water, transport or tourism itself.
“Wanting to continue betting on the diversification of the economy is a successful and correct strategy. We have our sights set on your country”, concluded Xiana Méndez.
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