Punta Cana. The Ministry of Investment of the Kingdom of Saudi Arabia, Invest Saudi and the Association of Caribbean Investment Promotion Agencies (CAIPA), with the support of the Export and Investment Center of the Dominican Republic (ProDominicana), today kick off the Forum of Investment from the Caribbean and Saudi Arabia, with the participation of 15 delegations from different countries.
The meeting aims to identify projects and investment opportunities in the nations represented through conferences and B2B meetings, so that attendees will learn about the attractions of the Dominican Republic, as well as the countries of the region, including the portfolio of projects with higher return projections for investors.
“Within its work agenda, it seeks to strengthen the commercial ties that unite us as a region and learn about the investment mechanisms of the Kingdom of Saudi Arabia. With the realization of the forum, the Dominican Republic shows its attractions and has the opportunity to consolidate its leadership around mechanisms to promote the region for commercial purposes, as well as in the identification and attraction of new FDI, since representatives are present at the event. of companies valued at billions of dollars from the sectors of energy, aviation, manufacturing, industry, aviation, agribusiness, tourism, health, among others,” said Biviana Riveiro, executive director of ProDominicana.
Riveiro added that, “it is the best time to invest to invest in the Dominican Republic: In the tourism, real estate, mining, energy, telecommunications, free zones, transportation sectors, the country is having a good time in terms of FDI: Only in In the January-March quarter of this year, the country received an amount equivalent to US$1,028 million for this concept”.
In terms of relations with Saudi Arabia, in the annual period of 2015-2021 the exchange amounted to US$101.2 million and for May 2022 it increased to US$117.6 million, for an increase of US$16.4 million. It should be noted that in relation to 2020, Dominican exports in 2021 grew by 800 percent, with 96.8% corresponding to imports of goods (mainly polypropylene) and the remaining 3.2% to Dominican exports of paper and paper waste. , medical devices, shoes, agricultural equipment, cigarettes, water.
The Vice President of CAIPA and President of Jampro, Diane Edwards, pointed out that this Forum opens a new door to investment in the region, since more than 150 businessmen and government representatives from investment promotion agencies participate, including ministers from countries of the Caribbean: Ministry of Education, Culture, Science and Technology of Belize; Curaçao Ministry of Economic Development, Bahamas Ministry of Economic Affairs; Jamaica Ministries of Tourism and Investment; Ministry of Tourism, Investment and Economic Development of Antigua & Barbuda.
Por su parte, el Jefe de la Delegación del Reino de Arabia Saudita, su excelencia Badr Albadr, Viceministro del Ministerio de Inversiones, indicó que con el Foro se persigue crear lazos con la región y dentro de sus responsabilidades identifica inversiones saudíes en el extranjero con lo que se facilita y promueve que las empresas saudíes líderes y competitivas desarrollen y amplíen sus inversiones y negocios a nivel internacional, incluso mediante la colaboración con gobiernos extranjeros, socios comerciales extranjeros y clientes.
CAIPA
CAIPA is a regional association of investment promotion agencies in the Caribbean that have come together to collaborate in promoting the Caribbean as an ideal destination for investment. The Association also works to foster among its members the ability to attract investment, conduct research, collect data, and promote investment projects in the region, as well as facilitate internal and external investment missions in collaboration with its members.
ProDominicana is one of the 24 promotion agencies that make up the association. Likewise, delegations from Antigua and Barbuda, Bahamas, Barbados, Belize, Bermuda, Curacao, Guyana, Haiti, Jamaica, Saint Lucia, Saint Vincent and Grenadines, Trinidad and Tobago, El Salvador and Saudi Arabia.