Investment and trade with the U.K. saw strong growth in 2022

As part of the celebration of the XV Dominican Week in the United Kingdom, the executive director of the Export and Investment Center of the Dominican Republic (ProDominicana), Biviana Riveiro Disla, presented the business opportunities offered by the Dominican Republic to diplomatic representatives, investors and potential buyers at an event organized by the British Chamber of Commerce of the Dominican Republic (BRITCHAM DR).

In that purpose, the executive director of ProDominicana described the Dominican Republic as the ideal destination for investment and nearshoring, highlighting the positive growth of FDI flows from this country, thanks to efforts made with businessmen and government agencies of both nations.

Riveiro indicated that between the period 2016-2022 and the accumulated January-August 2023, the Dominican Republic’s commercial exchange with the United Kingdom was USD 2,502.36 million. Of this amount, USD 1,310.62 million corresponded to exports of goods and USD 1,191.74 million to imports. He pointed out that for the year 2022, according to Trademap data, exports to that market were USD 167.05 million, showing a growth of 35% compared to 2021, whose value had been USD 123.89 million.

It is important to highlight that the Dominican products exported to the United Kingdom that had a notable growth were: voltage switches, going from USD 0.03 million in 2021 to USD 5.35 million in 2022, followed by instruments and apparatus used in medical sciences, which went from USD 0.37 million in 2021 to USD 18.11 in 2022.

Likewise, the export of electrical appliances increased from USD 0.23 million in 2021 to USD 2.52 million in 2022. Similarly, adhesive dressings reached an increase from USD 0.98 million in 2021 to USD 3.77 million in 2022 and fresh mangoes reached 40%, varying from USD 9.55 million to USD 13.33 million in 2022.

The executive director of ProDominicana expressed that foreign direct investment (FDI) from the United Kingdom in the Dominican Republic, quadrupled, changing from USD 17.4 million in 2021 to USD 66.8 million by 2022, showing an inter-annual increase of 284 %. He also referred to the positive increase in tourist arrivals from the United Kingdom, with more than 720,000 vacationers between 2018 and September 2023. The 2022 figure stands out as the highest during the last 10 years, in travelers arriving from the UK.

“One of the main engines driving the Dominican economy is foreign direct investment. We have marked a broad strategy to attract more investment to the country by showing our strategic geographical location, economic stability, natural resources and, above all, institutionalism and legal security.” Similarly, Riveiro emphasized that the country promotes Dominican products abroad showing their quality and competitiveness to this market.

The Dominican Week in the United Kingdom, composed of various commercial, networking and cultural activities, was led by the president of the British Chamber of Commerce of the Dominican Republic (BRITCHAM DR), Mr. Amauris Vásquez; the Dominican ambassador to the United Kingdom, Elnio Durán; the UK ambassador to the country, Mockbul Ali, who presented the importance of continuing to strengthen cultural and commercial relations along with the strategy of promoting the orange economy between both nations and various priority sectors that contribute to sustainable and inclusive development.

In addition, meetings were held with members of UK Export Finance, the British export credit agency, with whom they discussed the possibility of new facilities to increase investments to promote exports between the two countries.

Likewise, the director of ProDominicana met with the UK Manufacturers Association known as MakeUK to discuss facilities for the establishment of British companies in the country, either as free zones, using logistics centers or settling in the border area.

On the other hand, meetings were held with Kickoff by INICIA with the presence of the Parliamentary Under-Secretary of State for the Americas and the Caribbean, M.P. David Rutley. Also noteworthy was the participation in the panel on “The Past, Present and Future of British Tourism in the Dominican Republic”, among other meetings with British business and trade organizations and B2B meetings. At the same time, the program of activities included an Afternoon Tea hosted by Baroness Gloria Hooper, where relations were strengthened and topics of common interest were exchanged.

The event was attended by a delegation of more than 100 businessmen and government officials who will be promoting trade and cultural exchange between the two nations, with a focus on positioning the Dominican Republic as a global logistics and nearshoring hub.

Source: presidencia.gov.do

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Dominican Republic Live Editor

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