Free trade zone receives investments for over 125 million dollars
The free trade zone in the Dominican Republic has seen important growth with the installation of 45 new companies in eight months based on investments of more than 125 million dollars, and 6,597 direct jobs from these operations.
According to the statement, the behavior of the sector was highlighted by President Luis Abinader during a business meeting at Casa de América, organized by the Chamber of Commerce of the Dominican Republic in Spain and the Business Council Alianza por Iberoamérica (CEAPI).
In his speech, the president highlighted the record exports reached as of March of this year, as well as the “unprecedented” investments made during his tenure in free zone companies, not only in traditional manufacturing areas but also in medical equipment. and technological.
The document indicates that at the end of 2020, the Dominican economy defied the most adverse forecasts of the United Nations Conference on Trade and Development officials, closing the August-December four-month period, with the approval of 17 free zone companies, with an investment of US $ 38.35 million and with the creation of 2,074 new jobs, in a global context of a year marked by economic decline and job loss.
For the Minister of Industry, Commerce and Mipymes (MICM), Víctor –Ito- Bisonó, 2020 “showed the challenges and challenges of the free trade zone sector, but it was also demonstrated that with the confidence of investors in the work plan of a government efficient and transparent, even in adverse climate opportunities can be found”.
Of the 45 companies that have been approved in the last eight months, 62% were approved during the current year 2021, of which ten correspond to February, providing 872 jobs with an investment of 17.54 million dollars.
Companies that process tobacco and their derivatives account for 29%, while call centers and marketing companies both reach 10%.
In February-March, 28 free zone companies have been approved, with an investment of 87.2 million dollars and provide 4,523 new jobs.
The figures show a trend of sustained growth in investments in the free trade zone sector.
“The signal from the government of President Abinader was clear to investors in the sector: together with the private sector, in October we had already underway a plan to relaunch free trade zones to turn the Dominican Republic into an Industrial Hub in the Caribbean,” said Bisonó.
The plan is based on the pillars of investment promotion, zero bureaucracy and trade facilitation, promotion of productive chains, education, strengthening of infrastructure, and open data.