The Center for Industrial Development and Competitiveness (Proindustria) authorized the construction of a new industrial unit in the Industrial Free Zone of La Vega, being one of the first projects to be authorized under the new Investment Recognition Regulations that this institution will implement.
The regulation allows private companies to carry out investments significant in the construction of modern industrial warehouses within the free zones operated by this entity, ensuring that the infrastructure remains as State assets, strengthening public assets without compromising their disposal.
The industrial unit has a investment of more than 190 million pesos. This is a construction of 103,000 square jobs for the American textile company Shakira Manufacturingconsidered by the authorities as a leader in the employment mania generated by this free zone.
The company, a subsidiary of Champro Sportsoperates with eight industrial warehouses and generates more than 1,200 direct jobsexceeding 9 million pesos per week in payroll payments.
This new project will allow the company to significantly increase its operational capacity under high technical and environmental standards. The company is expected to generate between 2,200 and 2,500 new direct jobsin addition to energizing the economy of La Vega, increasing competitiveness and promoting the earning of foreign currency with its activity.
The general director of Proindustria, Rafael Cruz Rodríguezmaintained that this ship responds to the “critical” need of the lack of industrial warehouses in the free zone of La Vega, “despite the interest of more than 91 companies that wish to establish themselves there.”
The Industrial Free Zone de La Vega has more than 550,000 square feet available to build new warehouses, which positions it as one of the areas with the greatest potential for industrial expansion in the Dominican Republic.
Investment Recognition Regulations
According Proindustriahe Investment Recognition Regulations emerges as a strategic solution to the historic deficit of industrial warehouses in the Dominican free zones, a problem that has limited the country’s ability to attract new investments and strengthen your export capacity.
This, because the previous regulation of investment only recognized up to 50% for the renovation of industrial warehouses; However, with the approval of the new regulations implemented by the current administration, it will increase to 100%.
Cruz Rodríguez pointed out that this regulation opens the doors to an “accelerated expansion of the free zones of the country“, meeting the growing demand of national and international companies interested in establishing themselves in the Dominican Republic.
