The president of the Dominican Association of Exporters (adoexpo), Elizabeth Menastressed the need for the modification of the lhey miner of the country includes the issue of foreign investment so that said document becomes an incentive that adjusts to the reality of modern mining.
In a press release, the executive of the export sector indicated that in the country the “modern mining”, so it would be beneficial for the attraction of investment that the new standard includes the fundamental aspects of the development of said activity that led with 2,250 million of dollars the total of the exports.
“Before this panorama, adoexpo considers that it is currently necessary to review the current mining law in such a way that it adjusts to the current reality of the sector as a benchmark of good practices and generator of resources for other industries at a national level and that establishes legal security investors,” he emphasized.
He understands that the legislation is necessary because, as an industry with great potential, mining has become a world example in environmental, safety, social responsibility and transparency practices, as well as being a wealth generator.
“During the last few years, the country has been the recipient of important foreign investments which, in many cases, have been held back by the lack of an appropriate legal framework for today.”President of Adoexpo.
On January 24 of this 2023, the Ministry of Energy and Mines released new details about the draft of reform of the lhey mineramong which the development of a National Tax Management System for the Extraction of Non-Renewable Resources is proposed in order to support sustainable development that benefits the communities impacted by the activity.
The legal piece It is being reviewed by the Legal Consultancy of the Executive Power. With this document, it seeks to update the Law 146-71in force for more than 50 years, making it a text adjusted to new times.
Contributions of mining to the economy
Mena explained that mining in the Dominican Republic is a sector that has a great potential of growth, and “with the limited number of companies, particularly in the metal area, it has been possible to have a direct impact on the economy”.
In this sense, the president of adoexpo reported that mining made important contributions to gross domestic product (GDP) and in 2022 it led the total exports for an approximate amount of 2,250 million of dollars.
He pointed out that, in the last decade, the industry has contributed more than 136 million dollars to the national treasury and third place as a recipient of foreign investment, equivalent to 15.3%, between 2010 and 2019.
The business leader stated that the mining It is an industrial activity that takes place long term and that there are currently international references in environmental and social matters that have been adopted in the country by mining companies.
Three export minerals that generate foreign exchange and basic inputs for other industries in the country, such as communications, energy, construction, agriculture and health.
He revealed that, given the economic crisis following the COVID-19 pandemic, the mining sector provided active resources to the Dominican State with a view to neutralizing the implementation of a Tax Reform that would affect all sectors of the national economy and Dominican families.
