The travel and tourism industry is transversal in most sectors of a country. Hence its importance in the socioeconomic development of the Dominican Republic, the alliance between the public and private sectors for the creation of new projects and its capacity to attract investment, foreign exchange and generate employment.
According to the Superintendent of Pensions, Francisco Torres, 33.8% of the RD$65,838.8 million of the investment funds administrator (AFI) is consolidated by tourism. This means RD$22,250 million until February 2023, an amount aimed at supporting the development of the productive sectors.
This is followed by energy with 31.2%, free zones and real estate for industry and commerce with 23% and the food sector with 3.1%. In smaller amounts, infrastructure for industry and commerce with 2.8%; technology, 2.2% and health, 0.76%.
Torres assured that pension funds have a positive impact on the Dominican economy, on the strengthening of the productive sectors and on the improvement of the quality of life of the communities.
The industrial sector is one of the main drivers of the Dominican Republic’s development. This industry alone contributes 15% of the contributors to the Dominican Social Security System (SDSS), which is equivalent to 315,000 workers until February 2023.
“The Dominican industry contributes more than RD$900 million monthly to the system, which makes it the second economic activity with the largest number of contributors and amounts contributed,” explained the superintendent.
Furthermore, Julio Brache, president of the Association of Industries of the Dominican Republic (AIRD), affirmed that “these savings must serve to generate greater dividends for their owners and are called to contribute to socioeconomic development by financing productive activities that strengthen the positive yield of the individual accounts”.
The industrial sector is one of the sectors most impacted by the pension funds with 40 issues approved for RD$254 billion directed to manufacturing, energy and mining.
Learn more: ECONOMY