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Alliance with Costa Rica and Panama ranks third in the United States

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The commercial network established between the Dominican Republic, Costa Rica and Panama, called “Alliance for Development in Democracy”, ranks as the third most important commercial partner of the United States, behind Mexico and Brazil.

The data was offered by the Minister of Industry, Commerce and Mipymes (MICM), Víctor -Ito- Bisonó, during his participation as a guest speaker at the “AmchamRD Encounters” meeting, organized by the American Chamber of Commerce of the Dominican Republic (Amcham DR).

The minister stressed that “what is important about this alliance with the US is that, together, our three countries represent the 3rd most important trading partner for the US in the region, only surpassed by Mexico and Brazil, and with only 20 million inhabitants. total. A great fact that demonstrates the relevance of our union”.

The president of the American Chamber of Commerce, Roberto Herrera, agreed to underline the importance of this alliance to enhance business opportunities.

“Since the minister presented us with this initiative and invited us to be part of it, we have supported it as a transcendental commitment to generate synergies and exchange opportunities for regionalization in value chains. It is important to highlight the leadership that Ministers Roberto Álvarez and Ito Bisonó have had in this project.”

During his speech, the minister of Industry and Commerce pointed out that this trade bloc was formalized in September last year to attract investments leaving Asia as a result of the pandemic. “Washington tends not to legislate for a country, but rather for blocs and allies,” said Bisonó to explain the reasons that motivated the alliance.

He explained that in six months of work there have already been three times that the presidents of these countries have met and affirmed that next month they will meet for the fourth time.

Bisonó explained that a “milestone in the business and industrial history of our country” initiative was also created, which the MICM supports and monitors since its inception. “Through the so-called High-Level Business Council, businessmen from the three countries dialogue to strengthen trade ties with the United States and thus contribute to the reactivation of the region’s economy,” said the Minister of Industry and Commerce.

In his presentation, Bisonó announced the conclusions of a report carried out by the MICM, Foreign Relations and Competitiveness, in which it was determined that medical and pharmaceutical devices, electrical and electronic devices, and clothing and textile manufacturing were outlined as the three with greater potential to take advantage of the phenomenon of “nearshoring” or close trade.

The minister highlighted that last year the MICM approved 100 new companies, with investments that exceed RD$13,000 million and project 12,500 new jobs.

He added that last year exports reached US$7,143 million, 23% more than in 2020, and 21% more than in 2019.

The sales made by local manufacturing industries grew by 32% compared to 2020, exports grew by 31%, and internal collections contributed grew by 27% compared to 2020, obtaining an amount of RD$ 146.7 billion.

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