DR signs agreement to attract new investments

DR signs agreement to attract new investments

The Dominican Republic, Panama and Costa Rica established a working table, through a memorandum of understanding signed between the United States and the ministers of Industry and Commerce of the member countries of the Alliance for Development in Democracy (ADD), to strengthen global supply chains.

This hand in hand with allies such as the United States and defined with strategic sectors that will meet periodically, seeking to actively integrate the private sector to encourage new investments and bring more manufacturing and logistics operations to our countries, in the context of nearshoring.

Of agreement On an institutional note, the signing of the Memorandum of Understanding (MOU) seeks to form projects of shared interest for economic reactivation, through the increase in trade flows, the attraction of new investments and the social and economic development of the region, the incentives of appropriate markets, standardization, as well as capacity building and technical assistance, with the United States as a strategic partner in this effort.

The signing was carried out within the framework of the consultative dialogue on economic growth and supply chains between the United States and the Alliance for Development in Democracy (ADD), at the United States Department of State in the presence of the ministers of Industry and Commerce from the Dominican Republic, Víctor-Ito-Bisonó, Manuel Tovar from Costa Rica, Federico Alfaro Boyd from Panama, the Minister of Foreign Affairs of the Dominican Republic, Roberto Álvarez; the Vice Minister of Free Zones and Special Regimes, Carlos Guillermo Flaquer; Mario Pujols advisor to the Ministry of Industry, Commerce and Mipymes as well as his cabinet director, Jonathan Bournigal.

Bisonó expressed that this firm strengthens a direct channel of communication with the United States, setting up a functional work table and laying the foundations for fluid discussions, agreements and proactive actions that will generate the identification of opportunities for new companies and projects so that they can develop business in our countries.

This action represents a transcendental event in the consolidation of the nearshoring strategy, generating a vote of confidence in the signatory countries in the face of US investment companies, by promoting supply chains that protect intellectual property, promote labor rights and the environment. environment, ensuring transparent, safe, sustainable and diverse supply chains.

Among the 5 countries that are to work within the framework of the Alliance for Development and Democracy (ADD), The Dominican Republic is the one that leads the pillar of trade, investment and economic growth.

The development of this Strategic Alliance continues to strengthen its foundations in countries that share the same democratic values ​​of respect for the rule of law, separation of powers and the independence of the judiciary, compliance with international commitments and the strengthening of transparency and the fight against corruption.

About the Alliance for Development in Democracy (ADD)

The presidents of the Dominican Republic, Costa Rica and Panama met in New York during the Seventy-sixth UN General Assembly, in which they expressed their interest in creating a common space for the exchange of opinions on the challenges facing our region to recover the post-pandemic development path.

Given this interest, the Alliance for Development in Democracy (ADD), which seeks to promote a regional proposal to relaunch commercial, demographic and cultural links between these countries and those of the region.

The ADD also promotes economic growth within the framework of democracy, human rights and the Sustainable Development Goals, as well as supporting an agenda that generates synergies between the countries and other strategic partners in the region, taking advantage of the process of reconfiguring global supply chains and promote the creation of conditions for the return of the production of goods and services to the region.

Nearshoring in the Dominican Republic

Despite the context caused by geopolitical conflicts and added to the multidimensional crisis, generated by the COVID-19 pandemic, a series of pre-existing trends have allowed the reconfiguration of global value chains (GVCs), as well as the behavior of investment foreign direct investment (FDI) in the world, meaning a unique opportunity for the massive attraction of critical value chains that are adopting strategies of regionalization, cost reduction, resilience and efficiency to reach their target markets in a more competitive and sustainable way.

The Dominican Republic, due to its strategic location and political, economic and social stability, has been developing as a Regional Logistics Hub, relying on nearshoring, which represents an opportunity in this regard.

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