The Dominican Republic is looking at the possibility of establishing commercial business with companies from the African continent.
This was stated by Deodat Maharaj, executive director of the Caribbean Export Development Agency (Caribbean Export).
He said that due to the cultural link between both continents, the entity is making efforts to connect the Caribbean with Africa and that is why in June of this year a trade mission will be carried out with companies from the region so that they can do business.
He highlighted that Africa has the largest free trade area in the world with 54 countries participating, which is larger than the European Union and any other free trade block.
“That is why we are trying to establish a business connection, taking advantage of the cultural link we have with the African continent.
The whole world is betting on Africa where the growth is and we have to be there,” Maharaj told EL DÍA.
He also said that 60% of the African population is under 25 years old and that is a massive market with great interest in consuming agricultural products from other countries and their creative and service industries.
Attracting investment and incorporating new technologies in local industries and agriculture are the main focuses of the Caribbean Export Development Agency in the region.
According to Deodat Maharaj, one of the most important sectors in the Dominican Republic is agriculture, but if it applies technology it can be even more competitive.
He explained that there is a marked lack in the use of new technologies in this sector, so it is essential that this tool reaches this sector.
He explained that they are currently working with national institutions such as Pro Dominicana and other government entities to strengthen their efforts to attract foreign direct investment.
“We are particularly organizing the Caribbean Investment Forum, which will be attracting international investors interested in these three fundamental axes, which will take place in the Bahamas in October 2023,” said Maharaj.
He pointed out that the entity has maintained an office for 25 years, almost the same time the agency was founded.
The agency implements the “Trade and Private Sector” component of the Haiti-Dominican Republic Binational Program, financed by the European Union under the 11th European Development Fund.
This program aims to strengthen economic and trade cooperation between the two countries.
Global foreign direct investment (FDI) flows have recovered to pre-pandemic levels reaching US$1.6 trillion in 2021, with the Caribbean attracting some US$38 billion, an increase of 39%.