The governments of Puerto Rico and the Dominican Republic renewed the signing of the Strategic Alliance for the development of trade, investment and tourism.
“Both Puerto Rico and the Dominican Republic have challenges at the social and economic level that we can manage in collaboration. In addition, we have resources and tools of success that we can share for the mutual benefit of our peoples. We hope that this agreement will continue to reinforce the progress that Puerto Ricans and Dominicans deserve,” said Governor Pedro Pierluisi.
As part of the Alliance, the Dominican Republic-Puerto Rico Joint Commission will be maintained as a mechanism for dialogue, consultation and follow-up on the Strategic Alliance Agenda. The Minister of Foreign Affairs of the Dominican Republic and the Secretary of State of Puerto Rico, Omar Marrero, will chair the commission in their respective jurisdictions.
“The signing of this joint declaration represents a breakthrough step in strengthening economic trade relations and the ties that bind us with the Dominican Republic. This strategic alliance will help strengthen preventive health systems against any type of epidemic, as well as promote economic and social progress, and attract new forms of investment through the mechanism of public-private alliances; in short, to maintain a firm, dynamic and mutually cooperative relationship with our sister nation,” Marrero said.
It is expected to jointly develop public health mechanisms and support programs to help fight the spread of lethal diseases. Pierluisi explained that the Alliance will also provide incentives for the promotion of the service economy, manufacturing and semi-manufacturing; the professionalization of agriculture and agricultural extension services; labor reinsertion; as well as the promotion of creative cultural activities in tourism and the production of cinematographic films in a combined manner between Puerto Rico and the Dominican Republic.
In addition, both are committed to promoting transparent joint policies to attract new forms of private investment to their respective territories, including public-private partnerships or alliances, strategic discussions on supply chain and business models that could bring new innovation and management schemes, as well as cutting-edge technologies in the vicinity of their coasts and territories.
Both Puerto Rico and the Dominican Republic intend to encourage the attraction of public and private investment funds through multilateral institutions, such as the United States Development Finance Corporation (USDFC) and other local, regional and extra-regional development finance agencies.
Within the environmental framework, the Alliance will promote participation in and promotion of biofuels production programs-as well as the production of biodiesel, synthesis gas, wind, solar and tidal energy-as well as the use of natural gas supply sources and other clean energy alternatives. In addition, collaboration will be established with the promotion of recycling projects and the use of solid waste to improve the environment and public health.
On security issues, both Puerto Rico and the Dominican Republic pledged to promote greater and closer cooperation with security organizations and agencies to facilitate the exchange of information and intelligence. In this way, they seek to protect the institutions of both states from juvenile violence, kidnapping for ransom, the transfer of small arms, smuggling of goods, threats from criminal organizations, aerial and maritime drug trafficking, and other actions contrary to law and order.
Likewise, both governments will strive to provide priority and expeditious processing of tax incentives to sister capital entities when they seek to establish and invest in the Dominican Republic or Puerto Rico. The same shall apply to requests for incentive programs that promote the economic and social welfare of the Dominican Republic or Puerto Rico, when the petitioner is a resident or entity of these two sister nations.
On the other hand, it is proposed to establish a multisector trade mission coordinated by the agency’s Trade and Export Program (PCE) to identify business opportunities for Puerto Rican companies.