NEWS OCTOBER 2008

Investments in Renewable Energies in Dominican Republic

Windmill in Dominican RepublicEnergy Commission

Arístides Fernández Zucco, Secretary of State and President of the National Energy Commission (CNE), exposed yesterday in the Austrian capital the advantages of investing in projects of renewable energies in Dominican Republic, thanks to the incentive Law 57-07 and its application rules.

At the time of a roundtable in the Austrian Commercial and Economic Chamber to which participated representatives of the most important companies of the country of the renewable energies sector, the President of the CNE answered the questions of the potential investors, who were very interested in better knowing opportunities that offers this market in Dominican Republic, especially in hydraulic, solar and wind power.

During the event, Fernández Zucco stressed that the Dominican government would like to promote the diversification of the energy matrix, in order to reduce the dependence to the oil price and to contribute to the environment safeguarding, this is why it established a legal framework which offers an incentive Law to regulate the investments in renewable energies.

In the same way, he emphasized the great potential that « Dominican oil » – sun, sea and wind – offers for the energy production; as demonstrated by the studies carried out by specialists in the sector.

The meeting was organized by the Austrian Commercial and Economic Chamber jointly with the Embassy of the Dominican Republic in Austria.

The secretary of State Fernández Zucco underlined the support of President Fernández for the task of the Permanent Mission of Dominican Republic in Vienna and the National Commission of Energy, to continue to promote the development of renewable energies and the foreign investments in the country.

Dominican Republic Live, 01.10.08

Fernandez to Talk Investments in Miami

Leonel Fernandez meeting in MiamiFlorida-Dominican Republic relationship

President Leonel Fernandez will travel to Miami Thursday to participate in newspaper Miami Herald’s annual luncheon, in which he’ll talk about investment and trade opportunities in Dominican Republic.

He’ll also speak on the importance of the Florida-Dominican Republic relationship, give the the proximity between both destinations, a topic Fernandez has touted whenever he speaks there.

The Presidency’s Press director Rafael Núñez said Fernandez will depart in the morning via San Isidro Airbase to return Friday.

The chief executive will also meet with some investors, although Núñez didn’t specify.

Dominican Republic Live, 02.10.08

Leonel Fernandez Names the Challenges for the Dominican Republic


Dominican economy growth rate is of 7% of GDP

MIAMI, FLORIDA.- President Leonel Fernandez said that the high prices of fuels, the environmental crisis, combined with the financial crisis in the United States, represent a serious challenge for the Dominican Republic.

In order to face up to these challenges, the President said that it was necessary for the Latin American economies, especially the Dominican economy, to create mechanisms of protection so that the impact of these crises is not so severe.

 

Nevertheless, Fernandez reassured his audience that even though the financial crisis that affects the United States has not bothered the local economy, it could affect credits for the country.

The Chief Executive spoke about the crisis that has shaken the United States during his conference at the Baltimore Hotel during a special luncheon that is offered each year by the Miami Herald.

Fernandez warned that in spite of the strength of the Dominican economy, whose growth rate was of 7% of GDP over the last seven months, the administration will act fast to protect the industrial and agricultural sectors from the impact of the crises, and the authorities have already taken measures to reduce the amount of money in circulation.

The President also took advantage of his trip to re-launch in Miami his plan for a Strategic Alliance between the Dominican Republic and the State of Florida during a meeting organized by the Beacon Council, an organization that brings together 600 leaders of industry and commerce from south Florida.

President Fernandez explained that this meeting would bring about important alliances that would permit greater possibilities of marketing for countries that still do not have big commercial ties with Florida, and could do so through the Dominican Republic.

Dominican Republic Live, 03.10.08

Agreement with the European Union


Carlos Morales Troncoso, Dominican chancellor and Peter MandelsonNew market opportunities

The Dominican chancellor Carlos Morales Troncoso ensured in Brussels, head quarter of the European Union, that the Dominican Congress will have to work “against the watch” during this month, once signed the Economic Association Agreement with Europe on next October 15.

 

“If the signature takes place on October 15, and than the agreement must be effective on October 31, of this same month, time will be extremely short for its ratification to the Congress and for its presidential promulgation” said the Chancellor, after his meeting with the Commercial European Commissioner, Peter Mandelson.

According to an official statement of the Chancellery, the Chancellor attended the meeting in company of Louis Bogaert, under-secretary of the Foreign relations; Federico Cuello Camilo, Dominican ambassador in the European Union and Angela Vigliotta, adviser of the Dominican embassy in Brussels.

Dominican access to Europe was substantially improved thanks to the Economic Association Agreement (AAE). It preserved the advantages allowing exporting bananas, rum, cacao and tobacco, food products of which depend more than 50 thousand families on the whole national territory, indicates the official statement.

It adds that he also opened new possibilities for sugar, the free zones and all the Dominican exporting range on the level of goods and services.

The first Dominican sugar cargoes already left towards Europe in last September. Europe put this agreement in force temporarily on January 1.

Morales said that now, the free zones could use fabrics coming from any part of the world this making it possible to provide products of greater complexity to the markets having greater requirements on the quality level, like the European market.

According to the official statement, Peter Power, spokesperson of the European, Commission affirmed that the meeting was “very positive, friendly and opened” and that during this one “the two parts underlined their commitment with the Economic Association Agreement; which will be signed on October 15”.

Dominican Republic Live, 06.10.08

The Dominican Republic in Contact With Canada


The flag of Dominican RepublicIn order to formalize negotiations for a Free Trade Agreement

The Dominican Republic and Canada study the possibility to start formal negotiations to sign a Free Trade Agreement between the two nations, informed the Foreign Affairs Ministry.

 

The two countries decided to continue the started exchange of information in order to clarify the bases which will govern the future formal negotiations, according to the vice chancellor Manuel Trullos.

The Canadian delegation requested from the Dominican Republic information on topics regarding investment, co-operation, policy of competition, commerce defense, environment, rules of the finance and tourist departments, among others, indicated a note of the Dominican chancellery.

The Dominican delegation is committed to answer what was required to celebrate a new meeting between the two countries in order to progress in the possible negotiation process.

Dominican Republic Live, 07.10.08

Promotion of Investments in Dominican Republic


The Palm islands in DubaiCityscape conference in Dubai

The tourist contractor, Frank Jorge Elías emphasized the investments’ opportunities existing in Dominican Republic and ensured to the contractors that they could find here an ideal climate for their businesses.

Jorge Elías, Tourism Adviser of the Executive Power, met with investors of various parts of the world, especially with executives of the Oatari Dirá Group, the principal investments real company in Qatar. This company is responsible for the construction and the development of the The Palm and The World islands in Dubai.

Jorge Elías supported, at the time of the Cityscape Conference in Dubai, and during discussions with the investors, that the investments occasions in the country are benefiting of a very favorable climate for those interested to place their capital in the country.

 

He also held private meetings with the investors Hassan Al Beker, of Investment Manager, Qatar Dirá; Eduard Thorn, of Caribean Investment Partners, Madrid Spain and Rubén Gonzalo, of Investment Manager, Quatar Dirá.

Dominican Republic Live, 08.10.08

US $736M in Loans for Dominican Republic Untouched by U.S. Plunge


Diego Bermejo, Manuel Garcia Arevalo and Manuel LabradoI.D.B. says

The Inter-American Development Bank’s (I.D.B.) new representative affirmed that the United States financial crisis won’t affect its US $736 million loans portfolio in Dominican Republic, nor the one for the 2008-2012 period to be discussed next month.

 

Manuel Labrado, speaking Wednesday in a conference hosted by the Spanish Chamber of Commerce and Industry in Dominican Republic, said the I.D.B. has 100 billion dollars of capital and 17 billion dollars in reserve, funds he assures aren’t aren’tr affected by the financial upheavals.

He said on the contrary, the current crisis makes the I.D.B. an alternative source of financing.

Labrado said the I.D.B. credit portfolio with the Dominican public sector is 568 million dollars, and the loans program for the 2008-2012 period will be discussed with the government in November.

Spain’s ambassador Diego Bermejo headed the activity in the Hotel Embajador, with the presence of Chamber president Manuel Garcia Arevalo members of the organization, Spanish embassy representatives, among others.

Dominican Republic Live, 09.10.08

President Receives Final Shell Results


Shell Refinery in Dominican RepublicThe time limit for concluding the negotiations is up in November

President Leonel Fernandez received the final and definitive reports regarding the negotiations with the Shell Company carried out by the Dominican government in order to acquire the 50% of the shares in the Dominican national Refinery, S.A. (Refidomsa), an operation that set the price at US $110 million.

With this in mind, the President received the principle executives of Shell, form the Houston, Texas headquarters, in his office, where they were accompanied by the Minister of the hacienda Vicente Bengoa and lawyers Mariano German and Marino Vinicio Castillo.

After the meeting, which lasted for more than two hours, the Minister of the Hacie

The forecasters aid that “we are going to keep reporting on the evolution of this system that has a vnda told reporters that it was necessary to give the President a complete report because in November the time limit for concluding the negotiations is up and the US $110 million payment has to be made.

On the other hand, Bengoa also offered details regarding his recent visit to Caracas, Venezuela, where he talked to the principle executives of Petroleos de Venezuela (Pedevesa) about the plan that would allow the Dominican Republic to pay its US $900 million oil bill with local farm products.

During the meeting with the Pedevesa executives, headed by Esdrubal Chavez, they agreed to send a commission of Venezuelan officials to the Dominican Republic in early November to negotiate with local authorities the exchange program for paying the oil bill.

Dominican Republic Live, 10.10.08

Tropical wave and depression

Tropical wave and depressionHeavy rains forecasted

Lots of rain, thunderstorms and lightening are in the wings for the country over the next 48 hours due to the influence of two systems: One is a tropical wave, located last night in the eastern part of the country, and the other is a depression, located to the southeast of the island.

Francisco Holguin, the forecaster for the National Meteorological Office (Onamet), reported that according to the forecasts the low pressure system that is moving west-northwest, has the potential to become a tropical cyclone and bears constant vigilance.

Very potent area of influence.”

Holguin said that the rain showers will increase throughout the day and could extend into Wednesday. It is expected that the rains could reach levels of between 75 and 100 mm and cover the northeast, the southeast, the southwest, the Cibao Valley and the south side of the Central Mountains.

He warned that if the low pressure system strengthens, and it maintains its present course, the rains could well extend into Thursday.

Because of this situation the Onamet has issued a Yellow Alert for floods over the next 36 to 48 hours for the Northwest, especially the Lower Yuna Basin, the eastern part of the country and the Southwest.

This is so that civil defense workers can plan the preventive actions in coordination with regional emergency committees in the areas expected to be affected by the rains.

Dominican Republic Live, 13.10.08
World Bank answers crisis in Los Angeles
World Bank in Los AngelesCommittee for Development

In an initiative coordinated with regional institutions such as the Inter-American Development Bank (IADB), the World Bank and its private sector department, the International Finance Corporation (IFC), announced yesterday that the countries of Latin America and the Caribbean that are affected by the world financial crisis will be able to obtain additional funds from the International Bank for Reconstruction and Development (BIRF) -the financial service for countries of medium incomes- and from the IFC with the idea of keeping jobs, maintaining the social advancements and to inject liquidity into their economies.

According to a communication from the Committee for Development, “The BIRF has the financial capacity to double, with ease, the annual financing towards developing countries with the idea of satisfying the additional demand from their clients. The financing from the BIRF reached US $13.5 billion during the last period.”

The Committee for Development is the entity of the World Bank is made up of the ministers of finance and development from the different member countries.
The announcement is especially important for Latin America since the region has used between 35% and 40% of the total BIRF financing.

Dominican Republic Live, 14.10.08

Dominican-European Union trade deal to be signed todayOctuber 2008

Foreign Relations minister Carlos Morales TroncosoHistoric day

The Dominican Government is scheduled formally sign an economic association agreement with the European Union today, making the country Latin America’s leader, after Chile, with the most Free Trade deals, now with 48 nations.

Defining it as a historic day for the Dominican Republic, Foreign Relati

ons minister Carlos Morales Troncoso said the signing of the new trade treaty that includes 27 European countries, will significantly expand the diversification of the nation’s exports, which also benefits local producers and free zones.

The official, who’ll represent the Dominican government in the event, said the agreement will be signed today in the Caribbean island Barbados, and private sector leaders were invited to the ceremony.

Morales noted that Congress must approve the pact, “because we need to have that agreement approved by the lawmakers and signed by the President no later than October 31.”

Dominican Republic Live, 15.10.08

Europe and the Caribbean sign Economic Partnership Agreement (EPA)

Europe Union flagWith the exceptions of Haiti and Guyana

The European Union and the nations of the Caribbean signed yesterday in Bridgetown, Barbados, an Economic Partnership Agreement (EPA) that will strengthen the ties between the two regions and promote the regional integration of the Caribbean.

 

The agreement was signed by Minister of Foreign Relations, Carlos Morales Troncoso who headed the Dominican delegation that included Lisandro Macarrulla, Ricardo Koenig, Manuel Estrella and also Ambassador Federico Cuello, José Manuel Castillo,Luis Bogaert and Roberto Despradel.

The EPA is the first agreement between the North and the South parts of the world’s economy that is really comprehensive and oriented towards development.

The agreement includes measures to stimulate commerce, investments, innovation and sustainable development. It also tries to build a regional market among the Caribbean nations and eliminate poverty.

The vice-president of the European Commission, Siim Kallas, who spoke during the signing ceremony, said that “this marks a new era in the economic relations between the European Union and the Caribbean. The EPA increases the potential of the Caribbean for commerce and investment. I congratulate the Caribbean leaders and negotiators for having pursued their vision of a prosperous future for the region.”

Dominican Republic Live, 16.10.08

Tourism bets on the real estate to maintain the flow of the investmentsOctuber 2008

HouseIn Dominican Republic, the real goods do not lose their value

The Dominican Republic bets on the ascending value of the real goods to collect foreign investments whereas a financial crisis is affecting the principal economies of the world. The greatest potential to attract capital in the country is in the branch of the tourist real estate.

 

Francisco Javier García, Minister of Tourism, supports a theory according to which the Dominican Republic could benefit from the financial crisis and mortgage holder of the United States.

The civil servant indicates that one of the reasons of the world financial crisis was the excess of speculation and the oversize of the capacity of the buildings’ purchases and their evaluation.

He adds that now, to recover crisis, the capital owners must make real investments, must invest in sectors of goods and services which have a tangible and no speculative asset. In the case of the Dominican Republic, the disadvantage to have a high deficit of habitations makes that the real estate never loses value.

On the contrary, this is a sector which is progressively increasing its value, even during the worst crisis periods which affected the country.

This situation makes the country attractive for the real investment, because investments can be made safely and with capital that will be growing, without the least possibility of losing money.

The local tourist real estate becomes also an attraction because this sector is one of the most dynamic and that the economy did not exploit yet the great growth potential which it will have in the future.

But the logic facts described by the Minister of Tourism regarding the increasing appreciation of the real estate goods and their possible attraction for those who wish to safely invest, is only a theory and it would need a strategy plan from the State, in order to make an effective promotion of the values of the Dominican Republic near the investors.

Currently, Dominican Republic is developing an active promotion campaign as holiday country but the diffusion of information aiming at attracting real estate investors in the country was not very aggressive.

The Minister of Tourism ensures that there are a lot of company managers, especially in Europe, interested to invest in the tourist r real sector of Dominican Republic, which would have very positive repercussions.

Dominican Republic Live, 17.10.08

Tecdo 2008Octuber 2008

Advertising Tecdo 2008Technological Trade Show

Tecdo 2008 is the biggest international outsourcing and technological trade show in the Caribbean and Central America hosted by Parque Cibernetico Santo Domingo (PCSD) and Compu Expo.

During Tecdo 2008, companies from all over the world will be exhibiting the latest technological trends in:
ITES/BPO & Communications

 

Primarily based on Information Technology Enabled Services (ITES) and Business Process Outsourcing (BPO) communication systems, this category includes services ranging from call centers, claims processing, medical transcription, e-crm, scm to back-office operations such as accounting, data processing, and data mining.
Software and Hardware Development

The latest trends in computer software from an extensive pool of international exhibitors are shown for the first time in Tecdo. Take a look at what the Dominican Republic has to offer within the Parque Cibernético Santo Domingo.
Electronic Consumer and Audiovisual Products

From auto parts, plastic & injection molding to microscopic manufacturing design that rivals art, this section constitutes the latest in High Tech Manufacturing and audio visual products from international companies and the adaptability to the local market.
Renewable Energy and Biotechnology

With the progressive depletion of fossil fuels and the ozone layer, modern transportation has turned its sight towards greener and more efficient alternatives, other than the combustion engine, to power the vehicles of tomorrow. This pavilion will be dedicated exclusively to energy sources with regenerative sources most commonly found in abundant quantities throughout our planet such as wind, water, solar energy and other less toxic chemicals.
Agrotechnology

Broad agricultural equipments and machineries exhibition, by international and locals companies, displaying the perfect environment for the introduction of new technologies. This big pavilion will include all kind of machineries as tractors and its implements, irrigation equipments , renewable energy for farms, environment technology, greenhouses, transportation vehicles, spare parts, fertilizers, lines of packaging, food processors equipments, innovations for farming , livestock , dairy, swine, beef, poultry and flowers growing industries. Banks and other services institutions will be at the exhibition offering an excellent financing rates, especially for the acquisition of agricultural technologies.
Offer opportunities

Offer opportunities to national and international companies to exhibit their most recent technological innovations and to governmental institutions to show their main initiatives.
Offer universities

Offer universities the opportunity to show the talent of their students and faculties to innovate and create new projects, as well as to establish direct links with world leaders in the different areas and institutions.
To position the Dominican Republic

To position the Dominican Republic as the technological center of the Central Americ Exhibitions and Presentations of Technological Enterprises :
French pavilion participants

Abordage S.A.
Alstom
APC-MGE
CIM-TSO
ETDE
Euromotros
(Renault/Técnica/Peugeot)
GIE Open
It Imfesa/Eurocopter
Infosec
OneMax
Orange
Pat’eleck
Profilage Dominicana
Sofratesa
Solelec Dominicana
Thalès
Vergnet
ME/CCDF

Program

Wedenesday Octobre 22:

Exhibitors Registration and Collection of ID badges
10:00 A.M. – 4:00 p.m.
Opening Formal and Official Tour
Date: 10/22/2008
Hour: 6:00 p.m. – 9:00 p.m.

Welcome Speech: Lic. Eddy M. Martinez, President of the Council of Directors of the PCSD

Special Guest: His Excellency Dr. Leonel Fernandez Reyna, President of the Dominican Republic Cutting of the Inaugural Tape and Formal Opening Music and Cocktail

Thursday Octobre 23 :

Opening of the Exhibition
Hour: 9:00 A.M. – 6:00 p.m.
Inauguration of the « International Bioanalytix »
Hour: 10:00 A.M. – 12:00 p.m.
Entrepreneurship Forum
Microsoft Conferences
Conferences
B2B Meetings
Networking Cocktail by the Sea
Hour: 8:00 P.M. – 10:00 P.M.

Friday Octobre 24 :

Exhibition
Hour: 9:00 A.M. – 6:00 P.M.
Inauguration of the « NAP of the Caribbean »
Hour: 10:00 A.M. – 12:00 P.M.
Entrepreneurship Forum
Conferences
B2B Meetings
Networking (Cocktail in Tecdo 2008 )
Hour: 6:00 P.M. – 8:00 P.M.

Saturday October 25 :

Exhibition
Hour: 9:00 A.M. – 7:00 P.M.
Recognition of the best « Technological Innovation »
Hour: 10:00 A.M. – 12:00 A.M.
Conferences
B2B Meetings
Recognition of the best Stands by Categories
Hour: 5:00 A.M. – 7:00 P.M.
Cultural Show and Concert @ Tecdo
Hour: 7:00 P.M. – 10:00 P.M.

Sunday October 26 :

 

Exhibition
Hour: 9:00 A.M. – 7:00 p.m.
Children Garden
Closing of the Event, Cocktail and Music
Hour: 7:00 P.M. – 10:00 P.M.

Dominican Republic Live, 20.10.08

World Bank: Dominican Republic Among the World’s top ReformersOctuber 2008

Advances and challenges

The World Bank’s International Financial Corporation (IFC) chief praised Dominican Republic’s 13 point advance in the “Doing Business 2009” report, as one of the world’s top 10 reformer nations.

IFC economist Roberto Senderowitsch suggested that country continue advancing to reach the goal of spurring a series of reforms, including taxes and the mercantile restructure law.

The World Bank’s new representative in the country, who presented the report in the Hilton hotel, said there are advances but also challenges, citing the respect of contracts to improve efficiency in the electrical sector and improving the taxes on society. He also suggested a modern way to register property, promote integration and invest in human capital, how to assure that the benefits reach small producers.

 

Present in the presentation of the report were Eddy Martinez, Temístocles Montas, Elena Viyella and Andres Van der Horts Alvarez.

Dominican Republic Live, 21.10.08

The Government Starts the Science, Technology and Innovation programOctuber 2008

President Leonel FernándezAdjustment in the development model of the Dominican economy

President Leonel Fernández stated that no country can reach a full development if it does not pay attention to the scientific research and the technology.ill.

The agent spoke during the presentation of the Strategic Science, Technology and Innovation Program, which took place at the Global Foundation for Democracy and Development (Funglode).

The plan was worked out by the Council of Innovation and Technological Development.

The leader declared that the big challenge of the country was of knowing how the Dominican Republic will be inserted in the global chain of values and can belong to the international markets.

This task implies an adjustment in the development model of the Dominican economy, an increase in the production in the agricultural industry and the creation of new sectors like biotechnology, he said.

He proclaimed that the Dominican education system must train its professionals since the childhood with a critical conscience, creativity and sk

 

To the activity, which was retransmitted by a network of radio and television, participated the secretary of High Education, Science and Technology, Ligia Amada Mello, who presented the plan to the collaborators and who delivered to President Fernández a specimen of the work.

The civil servant emphasized the need for preparing the human personnel in science and technology, as well as on the development of innovation programs and to facilitate the propagation of sciences.

Dominican Republic Live, 22.10.08

Dominican Energy Chief Expects Crisis to End by Next WeekOctuber 2008

Dominican energy chief expects crisis to end by next weekAn improvement began yesterday

State-owned power companies (CDEEE) executive vice president Radhamés Segura yesterday said he expects the energy crisis affecting the country will end next week, with the possible entry into operation of the AES Andres power plant, taken off line for repairs.

The official acknowledged the constant blackouts in recent days after some plants were taken off the system because of technical, and not for lack of payment.

Segura noted an improvement began yesterday afternoon when the generator San Felipe, with 175 megawatts and Haina IV with 60 megawatts entered the grid, and said he makes efforts for the re-entry of Misutbushi, with 30 megawatts.

The CDEEE yesterday received US $20 million from the Hacienda Ministry he said, to pay the generators, and they’ll receive US $ 64 million from the Finance Ministry this month.

Dominican Republic Live, 23.10.08

Central Bank projects 5% Gross Domestic Product growthOctuber 2008

Central Bank of Dominican Republic Strong financial system indicators

The governor of the Central Bank, Hector Valdez Albizu, reported yesterday that the forecast for this year on the Gross Domestic Product for the Dominican Republic is 5%, somewhat above the population growth.

He said that the GDP for the first half of 2008 was set at 7.5%, and for January-September the economic growth was set at 5.4%, in spite of the external blows it suffered.

According to Valdez Albizu, the sectors that pushed the GDP growth were communications with a 15.7 $ increase, financial services and insurance with a 14% increase and energy and water with 11% growth.

During the same time frame, commerce grew by 10.1%, construction by 5.3% after having grown by 10 in the first half of the year.

The governor said that agriculture suffered an 8% decrease due to the six tropical storms that have hit the country this year; two at the end of 2007 and four between August and September of this year.

The official, speaking at ceremonies marking the 61st anniversary of the bank, referred to the fact that the Consumer Price Index showed a 10.76% increase, the first time we have seen double-digit inflation in several years, but similar to what has been experienced by other countries in the region.

He said that these inflation levels are explained by the 72.5% external shock from prices on international markets.

He did say, however, that the recent fall in oil and other raw material prices could partially compensate the unfavorable impact of less growth in the world economy on the balance of payments for the country.

Valdez Albizu said that the remittances reached US $2.33 billion, up 5.1% over last year, and tourism registered income of US $3.37 billion. Both items together represent a US $265 million increase over last year, for the same time frame.

The Central Bank chief pointed out that the exchange rate is stable, the currents accounts were positive and the quasi-fiscal deficit is within estimates, in spite of increases in interest rates.

Regarding the financial system, all indicators, according to the governor, indicate strength, as was stated by the superintendent of banks, Rafael Camilo.

Dominican Republic Live, 24.10.08

The storekeepers promise to lower the pricesOctuber 2008

Vegetables and fruitsOn more than 50 basic products

The main confederations of retailers and storekeepers of the country committed to lower as soon as possible the prices of the basic products by taking into account the fall of the fuel prices of other raw materials on the market.

The under-secretary of Commerce and Industry, Jhovanny Leyba, said that more than 50 products of the family basket will undergo price drops; this is why he incited consumers’ associations to make pressure so that the falls take place as soon as possible. While presidents of the Dominican Federation of Tradesmen (FDC), Iván Jesus García and of the Association of the Tradesmen of the Markets, Julian Antonio Parra, said separately, that the maintenance of the higher prices of much of products was due to the fact that the authorities of Agriculture do not benefit from the organized trade and food importation.

Leyba said that the storekeepers had thousand excuses to not lower their prices, in spite of the falls of fuels and of the raw materials and he encouraged consumers’ associations to work so that a great reduction of the prices is set up on the interior market.

He asked the consumers to perform their social role and it is expected that as from this week, the food drops a little more.

He quoted that onion, garlic, banana, oils and the pasta products benefited already of prices down.

Dominican Republic Live, 27.10.08

Fernandez’s 12-day tourOctuber 2008

Carlos Morales TroncosoEl Salvador, Qatar, Dubai

Foreign Relations minister Carlos Morales Troncoso last night said President Leonel Fernandez will travel to El Salvador’s capital San Salvador on Thursday, where he’ll participate in the XVIII Ibero-American Summit from October 29 to 31.

 

The president will be out of the country about 12 days, because from El Salvador he’ll fly to New York and then to the Arab Emirates of Qatar and Dubai.

Morales, interviewed after meeting with Fernandez in the National Palace last night, said the summit’s main topic will be the global financial crisis. “It’s the imposed topic even when youth and use of alternative energy is on the agenda.”

Dominican Republic Live, 28.10.08

Dominican north-south train to cost US $4B Fernandez saysOctuber 2008

Leonel FernandezForeign investments

President Leonel Fernandez yesterday announced the construction of the second Metro (subway) line and said the train from Haina to Santiago (north) will cost 4 billion dollars, though clarified that it’s a project of foreign investors.

He said there’ll be a bidding for the construction of the Metro and the train to Santiago before yearend, which he said will be of great importance for the country’s economy for the next four years.

Fernandez said he has met with investors from France, Spain, Germany, and local bank groups interested in the work’s construction. “We’re saying that if we’re successful in that project we have an investment of over four billion dollars in next four years.”

The chief executive spoke yesterday during the seminar “Global Busines Today: Different Perspectives for the Dominican Republic” held in the Dominican Republic Export and Investment Center (CEI-RD).

He also announced the bidding to widen the Navarrete-Puerto Plata highway to four lanes, as well as for the reconstruction and maintenance of the Duarte highway.

Dominican Republic Live, 29.10.08

The Minister of Education launches a new campaign

The Minister of Education« Mission 1000 x 1000 »

The Secretariat of Education launched the “Mission 1000 x 1000 campaign, thousand teaching hours in quantity, thousand teaching hours in quality,” by which the objectives of the management of Melanio Paredes are expressed: to recover the schedules and the teaching quality in the Dominican schools.

The « Mission 1000 x 1000 » campaign commits to have an impact on the Dominican education system through a great national crusade to which takes part the Dominican society, conscious that “together, we can recover the school time in quantity and in quality.”

The « Mission 1000 x 1000 » campaign, which will be implemented within the framework of the 2008 – 2012 educational management period, approaches two central axes which point towards the aspects affecting the Dominican education: to recover class time in order to follow the program of the school calendar and to increase the number of hours devoted to teaching.

Paredes explains that « Mission 1000 x 1000 » is a national project which will ensure an education of quality, offered with equity and pertinence.

Dominican Republic Live, 30.10.08

IDB Lends MoneyOctuber 2008

IDB lends moneyTo improve the system

Hoy is reporting that the Inter-American Development Bank (IDB) will loan US $40 million to the power distributors for the purpose of improving the electricity system.

The funds will allow the three major distributors – EdeSur, EdeEste and EdeNorte – to purchase better equipment to improve their services to the public.

The money will also be used to implement a theft prevention system to limit the amount of stolen electricity. The program has been developed in coordination with the IDB, the World Bank and the Organization of Petroleum Exporting Countries (OPEC) International Development Fund.

Dominican Republic Live, 31.10.08

 

 

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