The Minister of Industry, Commerce and MSMEs (MICM), Víctor (Ito) Bisonó, participated in the “World Strategic Forum 2024: Prospering in the new economy”, in Miami, in which he presented the competitive advantages that the Dominican Republic offers as a foreign investment destination.
The minister highlighted that, under the leadership of President Luis Abinader, the Dominican Republic has had a strategic transformation driven by a sustainable development vision and competitive that has led to what many call “the Dominican miracle.
“After the pandemic, we achieved an exemplary recovery and by 2024 a growth of 5.1% is projected, according to the World Bank and the International Monetary Fundthe highest in the entire region,” said the official according to the press release.
During the meeting, the minister specified that the growth of the Dominican Republic is a reflection of a economic model which combines discipline, vision, stability and legal security, mentioning that the risk rating agency Standard & Poor’s has raised the country’s credit rating to BB, which consolidates its position as a reliable destination for investment.
“This progress is reflected in the increase in foreign direct investment which experienced an interannual growth of 7.1% during the year 2023, representing 41% of the flows received in Central America,” he said.
Bisonó took advantage of the stage to highlight that The United States remains the main partner of the Dominican Republic, with an average of 30% of the investments captured during the last decade.
When referring to the phenomenon of “nearshoring“, the owner of the MICM He said that the Dominican Republic seeks to establish itself as a destination for the global semiconductor and printed circuit industry, while highlighting that “we are the ideal bridge between America and the rest of the world, taking advantage of our competitive advantages and our world-class connectivity.”
Likewise, the minister recalled that President Abinader issued decree 324-24 which declares the promotion, innovation and development of the semiconductor industry in the country to be a “high national priority.”
In that sense, Bisonó pointed out that among the advantages that make the country an attractive market for the investment In the industry there is political and economic stability, advanced logistics infrastructure, investment incentives, well-trained young talent and strategic geographical position.
“With eight international airports and more than 182 daily flights that connect us directly with more than 69 countries and 170 international destinations, Dominican Republic guarantees a fast and efficient connection with the main markets,” he explained.
Maritime connection
About him maritime fieldpointed out that the country was recognized by the United Nations Conference on Trade and Development as the sixth best port connectivity in the region, with infrastructure that mobilized last year an impressive cargo volume of 2.3 million TEU (unit of measurement). used in foreign trade to calculate the loading capacity of containers. It is equivalent to 20 feet), which reflects its logistical capacity.
During his presentation, the minister also cited other initiatives such as “Zero Bureaucracy” and “24-hour dispatch”, which have simplified processes and created a favorable environment for business, by eliminating unnecessary barriers and accelerating decision-making, together with the private sector, placing the Dominican Republic as a model of agility and efficiency.
“This means that the Dominican Republic, more than a destination to think about the future, is a place to invest today,” he said.
Free Zones
In relation to the free zones He stated that more than 850 companies operate in the Dominican Republic.
“Today we are the first world cigar exporter handmade and we have consolidated our position as the third largest exporter of medical devices to the United States in Latin America.
About the Global Strategic Forum
The mission of World Strategic Forum is to address today’s major corporate and governance challenges, while promoting a better understanding of the opportunities and challenges at stake for the Americas within the global marketplace.
The central themes revolve around the global economyfinance, technology, trade, energy, infrastructure, investment and legacy planning.
