The relocation of chains (nearshoring) has put the country in an attractive position, according to the Minister of Industry and Commerce of the Dominican Republic, Víctor Bisonó.
“For the Dominican Republic, nearshoring is not an opportunity, but a reality”. In recent years it has been gaining strength thanks to the consolidation with logistics and industrial platforms in the region, said the official during his participation in the Business Future of the Americas, an activity organized by the Dominican American Chamber of Commerce.
He emphasized that the country has become a logistics hub and is advancing to become the main and most important in the entire region. “Thanks to our consolidation as an important logistics and industrial platform in the region, which positions us very well for the current global context.”
He explained that as a result of the effects of the covid-19 pandemic, the aftermath of the armed conflict between Russia and Ukraine, as well as a series of global trends, such as climate change, several multinational companies are rethinking and reviewing their strategies and business models to adopt reshoring or nearshoring, “seeking to be more resilient, reduce costs and mitigate risks”.
The outlook could be synonymous with opportunity for those betting on nearshoring, an action that can boost the growth of the economy, attracting new investments and generating greater trade flows with the United States.
The potential gains for the Latin American and Caribbean region from nearshoring opportunities could represent an increase of up to US$78 billion in new exports, according to Inter-American Development Bank (IDB) estimates.
Being aware of this, he assured that the country is working to increase its attractiveness by seeking new investment destinations from which to operate, in order to be closer, especially to the United States, the world’s main consumer market.