The world has been preparing to implement various strategies to ensure its economic recovery after the strong impact of the covid-19 pandemic. The Dominican Republic has not been oblivious to this fact, even being among the main nations that reopened their borders to mobilize the tourism sector; boosting vaccination since early February, now the DR takes the title as the first destination country for FDI.
At the end of April, Luis Abinader assured that Spain has known how to “take advantage” of the investment opportunities and strategic advantages presented by the Dominican Republic and is one of its main commercial and investment partners worldwide.
Later, during the celebration of the Business Council Alliance for Ibero-America (Ceapi), the Minister of Industry, Commerce and Mipymes, Victor Bisonó, visited Madrid to present the country as an ideal investment destination and as an industrial potential for the region.
In this way, high-ranking officials kept the Caribbean island within the foreign investment spectrum. “The pandemic has not reduced the attractiveness of the Dominican Republic for investors,” states a press release from the Presidency.
Recorded data concludes that locally a total of US$1,127 million was reached by July 2021, indicating that the country could close the year with more than US$2 million.
The Economic Commission for Latin America and the Caribbean (ECLAC) estimated that worldwide Foreign Direct Investment -FDI- will suffer a decline of up to 40% in 2021, however, in its most recent report it places Dominican Republic as the first destination country for this type of investment.
The press release states that the aforementioned countries plan to invest in tourism, telecommunications, energy, agribusiness, construction and entertainment; among the amounts captured, the tourism investment project of Spanish origin of the firm Noval Properties and the investment project in the energy sector of Ridge Partners Línea Noroeste stand out.
“Noval, recognized as one of the best real estate investment firms, plans to invest US$434 million. The U.S.-based Ridge will develop three energy projects, with an investment of $225 million, to convert solid waste from 25 locations in the Northwest Line into diesel fuel,” the document reveals.
Being the largest economy in Central America and the Caribbean, having geographical proximity to the United States, a privileged natural wealth and a government that favors investment guarantees that we will continue to accumulate exceptional figures in terms of Foreign Direct Investment.
Investors are going after strong technological and innovation capabilities, as technology underpins and reshapes growth, production and global supply chains. The continued strong presence of developed markets is likely due to favorable regulatory environments in general, coupled with a skilled workforce, advanced technological infrastructure and economic stability.