Digital tools in favor of foreign investment

ProDominicana implements digital tools in favor of foreign investment.

-The Executive Director of the Export and Investment Center of the Dominican Republic (ProDominicana), Biviana Riveiro Disla, highlighted the importance of innovative digital tools to boost foreign direct investment in the country.

During the event “Innovative Instruments for Investment”, the route was established to ensure that the services received by investors reduce time, resources and procedures necessary to promote new actions in favor of investment in the Dominican Republic, highlighting the Single Window for Investment and the iGuide designed by UNCTAD.

The One-Stop Investment Window (VUI) is a digital platform that will connect all the services and procedures necessary to install a new investment in the Dominican Republic. It also aims to streamline the processes of investments that intend to develop operations in the different productive sectors of goods and services in the country, so that the investor has a single point of contact, more efficient and less bureaucracy.

The iGuide is a digital guide for investors, designed by UNCTAD and the International Chamber of Commerce, which allows investors to access information on costs, opportunities and business conditions in the countries.

Biviana Riveiro, executive director said “we will make every effort to optimize the institutional framework and legal security as attractive for attracting investment and maximizing benefits for Foreign Direct Investment in the country”.

The One-Stop Investment System has more than 10 institutions linked to the platform and the possibility of carrying out more than 25 procedures.ProDominicana

It places the country ahead of other countries in the Latin American region in terms of the number of sectors incorporated and the number of procedures and institutions linked to it. With this tool, the Dominican Republic is on track to lead the region by 2030 and to be one of the most competitive countries in the world in the next 20 years.

The event was attended by Mr. Leonel Naut, Deputy Executive Director of the Caribbean Export Development Agency (CEDA). Also participating in the event was Mr. Ian Richards, economist at the United Nations Conference on Trade and Development (UNCTAD), who said that “this digital investment guide, along with the One-Stop Investment Shop launched simultaneously today, puts ProDominicana at the forefront of digital investment facilitation. Investors can now understand how to invest in the Dominican Republic, establish their business and obtain important permits, all from the comfort and convenience of their electronic devices”.

José Quiroz, founder and managing partner of Quiroz Advisors-QA LEGAL, presented the iGuide platform as a digital tool to those present. Similarly, ProDominicana’s Director of Strategic Innovation, Edgar Espinal, presented the Dominican Republic’s One-Stop Investment Window (VUIRD) system, the digital services platform that consolidates in a single access channel the obtaining of permits and certifications associated with Foreign Direct Investment for the productive sectors of our country.

“At ProDominicana we are firmly committed to coordinate and manage the processes of applying for permits, licenses and certifications before the corresponding government entities and establish timely channels for the attraction of FDI to the country in accordance with Decree 626-12 that creates the One-Stop Investment Window” said Riveiro.

It is worth noting that Foreign Investments in Rep. Dom. accumulated some US$1,990.1 million during the period January-June 2022, which represents an inter-annual growth of 15% compared to the same period in 2021. It is important to note that this value represents a milestone in FDI attraction during the last 10 years.

At the end of the event, participants enjoyed a pleasant cocktail at the closing of the Exhibition of the Exportable Supply of the Alcoholic Beverages sector. The exhibition counted with the collaboration of Chinola Passion, Los del Búho, United Brands, República Breweries, Oliver & Oliver, among others.

Learn More: DEVELOPMENT

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