The country hosted yesterday, for the first time, the Latin American Cities Conference Series.
The logistics sector requires greater investment from private companies to develop the country’s potential as a destination for nearshoring, a strategy with which the government seeks to expand the number of jobs and expand the economy.
The head of the Directorate General of Customs (DGA), Eduardo Sanz Lovatón, yesterday urged private sector investors to learn about the benefits of the logistics area. “We invite businessmen to invest in logistics, which is the future of trade,” he said during his participation in the Latin American Cities Conference Series.
Santo Domingo hosted yesterday, for the first time, said international event, where experts discussed advances and structure in innovation, trade, energy and technology, key sectors to face the complex international economic panorama.
“I think it is time for the private sector to invest in the country’s logistics capacity; they will not regret it.”
-Eduardo Sanz Lovatón
Director of Customs
During his participation in the panel “Diversifying industries, creating opportunities for development, and promoting a climate for innovation”, Sanz Lovaton assured that the country has more air connectivity than Brazil, in addition to the availability of labor.
He explained that Customs carried out a logistics center study in conjunction with the American Chamber of Commerce of the Dominican Republic (Amchamdr), which determined “that this half-island has more connectivity with Europe than Brazil”.
60 % of the cargo transported abroad is moved in the belly of airplanes
and the country has ample options for maritime transport, which reinforces the physical structure.
Technological education is required
Sanz Lovatón was accompanied by José Fernández, regional sales director of Salesforce, a U.S. cloud-based software company based in San Francisco, California, who stressed the need for the country to prioritize in technology education.
“The technological area requires better and more education, which can be achieved in combination between the private and public sectors,” said the executive.
During his speech, he did not fail to highlight that the country has a good legal framework and political stability, which facilitates communication between both sectors to develop investments.
Resilience and regional unity
The closing remarks of the international event were made by President Luis Abinader, who pointed out the role that industries play in the economy of the country and the region.
“We live in a global village in which growth opportunities for countries are given more effectively in terms of the interaction experienced by international actors who have a role in it,” said the president.
He indicated that the Dominican Republic has consolidated in recent years as one of the pioneer countries worldwide in the successful implementation of the free trade zone model, and one of the countries that has taken the most advantage of the nearshoring phenomenon in the Americas region.
He assured that the interest for local products and manufacturing is growing, and in that space has an important place the private, national and foreign investment, which has been increasing in the last years. In the case of foreign investment, the country registered some 4,000 million dollars at the end of 2022.
In addition to explaining the local economic growth, Abinader cited that the construction and infrastructure sector is another niche par excellence for investment in the Dominican Republic.
On the other hand, the government seeks to modernize the systems of:
- High-speed internet access
- Improve public services, such as health care and education.
- To achieve this, the president said they are moving forward in establishing public-private partnerships.