Two new free zone parks in Dominican Republic

Two new free zone parks in the provinces of Espaillat and Santo Domingo will generate 2,755 new direct jobs, informed the Ministry of Industry, Commerce and Mipymes (MICM).

To install the new textile parks approved by the National Council of Free Export Zones (CNZF), businessmen will invest US$12,505,722 million.

The Biodiversity Free Zone Industrial Park will operate in Espaillat and the La Isabela Industrial Free Zone in the province of Santo Domingo, both of which are expected to contribute US$1.5 million in foreign exchange to the country.

Minister Bisonó emphasized that the installation of these companies reaffirms the commitment to create sources of quality jobs for Dominicans, and that investors continue to trust in the Dominican Republic to bring their capital.

He said that, last May, exports experienced a 12% growth, in relation to the first five months of 2021, which translates into US$3,178 million, and the final projection of US$8,000 million per year.

18 new companies

During the CNZF session, chaired by Minister Bisonó, 18 new companies were approved with an investment of US$21,990,974.96, which are estimated to generate 2,109 direct jobs and a foreign exchange projection of over US$30,132,518.43 million.

The new companies will be engaged in the production of paints, supply of fuel for cargo aircraft, logistics services, pre-selection and recycling of paper, manufacture and assembly of medical equipment, textile manufacturing, processing and marketing of tobacco, fruit classification and packaging, among other activities.

In addition to Minister Bisonó, the meeting was attended by Daniel Liranzo, executive director of the CNZF; Carlos Guillermo Flaquer, vice-minister of Free Zones and Special Regimes of the MICM; Yaribel Marmolejos, legal consultant of Proindustria; Martín Zapata, vice-minister of Tax Policy of the Ministry of Finance; and Mildred Santos, deputy technical director of Prodominicana.

Also, Miguel Lama, president of the Santiago Free Zone Corporation; Luis José Bonilla, president of ADOZONA; Michael Lugo, executive director of the Dominican Association of Tourism Real Estate Companies (ADETI), among others.

Free Trade Zones contribute 77.1% to exports growth

Free trade zones contributed to 77.1% of the growth of the country’s total exports, and thus to the economic recovery, from January to May of this year.

During the aforementioned period, accumulated exports totaled US$ 3,178.1 million. Said exported amount is the highest since 2012, according to a report on the export sector by the Ministry of Industry, Commerce and Mipymes (MICM).

With a 61.8% share of total exports, the sector maintains its positive performance and its exports grew 12.2% in the first five months of the year, according to the report based on figures from the Directorate General of Customs (DGA).

At the sub-sector level, plastic articles represented the highest relative growth, followed by textile manufacturing, medical and pharmaceutical devices, and tobacco and its derivatives.

The United States and Haiti remain the main destinations for Dominican exports, with 72.8% and 6.3%, respectively, followed by Puerto Rico (4.5%) and the rest of the world.

Learn more: Development in Dominican Republic

Learn more: News in Dominican Republic

Learn more: Ministry of Industry, Commerce and Mipymes

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