Dominican Republic everywhere encourages consumptionbut must focus on creating a culture of savings and investment.
“I arrived in the country and on the way from the airport to the hotel, which took more than an hour, on the road I only saw advertisements or advertisements for buying this or that, nothing to save, nothing to invest, but if you are on a highway in any city from Canada or the United States you will see that half of the ads are from investment companies”, said the university professor and finance expert Moshe Milevsky by participating in the Economic Meeting together with the directors of the Association of Stock Exchange Posts (APB), Jose Manuel RavenPresident; Eric Ramosvice president, and mario frankExecutive Director.
He stressed that it is important to promote the culture of savings and investment to continue promoting development in the stock market. He added that it is strange that in the Dominican Republic the capital or stock market has not already been developed, which has a history of more than 400 years.
He indicated that this change in culture begins by educating young people in schools to change their perception of being just a consumer and go on to own shares in the companies you like. He said his students walk into a store and are more interested in buying a share of the store than just the product they sell.
“It is an investment culture, you like something because you want a little of that and have shares in a company. I have five thousand companies, I have shares in five thousand companies, but they are small shares and that is how students should think”, he said. “The idea that if you like a company you buy shares of it is missing,” he added.
Ramos explained that when shares of a company are bought, the benefits do not remain in the hands of a few, but they are distributed.
Franco said that the first challenge that the sector had was regulatory, but the most latent now is education and this is the barrier that must be overcome, both for the issuer and for the investor.
“To the extent that there is more information and that it is known by both, the stock market will do its job as it has done in other countries and although we are an island we are not isolated.”
Ramos stressed that the Dominican stock market has a great infrastructure and all the strengths to grow and further support growth.
Franco stressed that they have been working together with the Securities Superintendency in educational content for Dominicans. He emphasized that in other countries it is common for employees to have shares in the company where they work and this leads to greater commitment and passion for work.