New York. – President Luis Abinader highlighted this Wednesday that, for more than fifty years, the Dominican economy has achieved a remarkable milestone in the region: an average annual economic growth of about 5%, reaching a Gross Domestic Product (GDP) of over 130 billion dollars. This achievement places the Dominican Republic as the seventh-largest economy in Latin America and the Caribbean.
Furthermore, the president mentioned that macroeconomic stability has drawn investors to the country’s favorable business environment, resulting in a significant influx of foreign direct investment, which in recent years has accounted for close to 4% of the GDP, one of the highest percentages in the region.
President Abinader spoke during his involvement in the Conference on Investment in Infrastructure in Latin America and the Caribbean hosted by the Development Bank of Latin America and the Caribbean (CAF) and Financial Times, focusing on identifying opportunities for investors and asset management.
He pointed out that this reality has been recognized by Fitch, Standard and Poor’s, and Moody’s, which have recently upgraded the country’s rating or outlook. Additionally, according to the Emerging Market Bond Index (EMBI), the Dominican Republic’s country risk is lower than that of other nations with investment-grade ratings, allowing for lower access costs to financial markets.
The Dominican leader expressed to an audience of experts that this meeting is crucial for developing new approaches to facilitate timely and appropriate access to international financing for infrastructure investments.
As examples of Dominican initiatives that he mentioned would resonate in the region, he cited that in the energy sector, about 5,400 million dollars will be needed in the upcoming years to continue the significant transformation in generation, transmission, and distribution. “Our goal is to achieve a cold reserve by 2027, creating a surplus that allows us to lay a submarine cable to sell electricity to Puerto Rico. Another objective is to reach 30% renewable generation by 2030.”
The Dominican Republic to be recognized as a world-class logistic hub
Regarding the crucial topic of logistics, he explained that the country has been developing the necessary physical and human infrastructure for the Dominican Republic to be recognized as a world-class logistic hub.
In this regard, he pointed out that in terms of port connectivity, the country boasts 10 maritime ports handling international cargo, aiming to reach 2.5 million TEUs per year, and also has 8 airports connecting to 170 destinations worldwide.
The Dominican State leader further emphasized that they have built numerous tourist ports and fishing piers and that in the northern coast, at Manzanillo port, they are constructing a large multimodal logistic dock that will bring Dominican exports even closer to the eastern coast of the United States.
Moreover, he mentioned, they have a dynamic private sector committed to public-private partnerships to expand, build, and operate ports and airports.
He stated that since connectivity is crucial for trade, tourism, and investment, he recently signed significant open skies agreements with the United States and Canada.
Clear strength in attracting foreign investment in the tourism sector
“My government is developing an Integrated Transportation System for the two most important urban areas of the country: Santo Domingo and Santiago, which includes significant infrastructure projects like monorails, cable cars, and the extension of the Santo Domingo metro,” highlighted Abinader.
He added, “Our strength in attracting foreign investment is evident in our tourism sector, especially in Punta Cana and Miches. We are now promoting a new tourism pole in the south of the country, in Pedernales.
In this context, the president mentioned they are revitalizing the tourist area of Puerto Plata with the development of Playa Bergantín, an ambitious tourism and real estate project developed by the private sector aimed at fostering innovation in the digital realm, which will include, among other features, an academic campus, a film studio, a golf course, and extensive road infrastructure.
He maintained that technology is crucial for rapid and sustainable development, which is why he issued a decree declaring the promotion, innovation, and development of the semiconductor industry a high national priority and ordering the formation of a National Strategy for the Promotion of the Semiconductor Industry.
Referring to the mining sector, he explained his commitment to expanding operations in the Dominican Republic. “The country has gold, silver, and nickel, and has had bauxite. Ladies and gentlemen, where there is bauxite, rare earth elements are often present. We are currently exploring this possibility with the help of the U.S. Army Corps of Engineers. We are also very conscious of the international standards set for mining by the Extractive Industries Transparency Initiative (EITI), which we adopted in 2016,” he elaborated.
Fully committed to new investments in infrastructure
The Dominican ruler emphasized his full commitment to smoothing the path for new infrastructure investments, essential for fostering sustainable development and achieving a virtuous circle of prosperity and growth in the Americas.
He affirmed that inclusive and sustainable economic growth, political stability, and individual freedom are intrinsically linked and can only truly flourish under democratic systems that protect human rights, considering that development within a democracy is a fundamental factor for the benefits of that democracy to reach all citizens.
He concluded by saying: “Working to achieve these objectives is the most valuable legacy we can leave to future generations. Our government supports businesses, employment, growth, and innovation. Please visit the Dominican Republic soon.”
creditos de las imagenes de este post: Deultimominuto.net
