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Empowering Dominican Republic’s Industry and Trade Sector
By making the most of its exceptional location as a logistics hub, the Ministry of Industry, Commerce and MSMEs is transforming the country into a key global industrial player.
With a GDP growth increase of nearly 19% since 2020, the Dominican Republic is today the first economy in the Caribbean region and the seventh in Latin America. According to Minister of Industry, Commerce and MSMEs, Mr. Victor Bisonó, the feat is largely due to the country’s concerted move to become a strategic commercial ally of the United States, gaining access to a flow of global capital inaccessible to neighboring countries with lesser political stability. “Money is cowardly”, says Minister Bisonó, “money goes where there is no noise”.
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Following an alliance with Panama and Costa Rica, the Dominican Republic has managed to attract to its free trade zones large investments in medical and technological development, among others. By designing a strategy of near shoring, it has turned the country into a global logistics hub, drawing largescale investments from companies supplying the US economy to the neighbouring republic, which enjoys democratic leadership and enviable political and social stability. “Our geographic conditions and qualified workforce allow other countries to settle here in order to enter the US market, and this is working out extremely well for us”, adds Minister Bisonó. moting its “made in the Dominican Republic” production strategy, supplying 85% of America’s tobacco and hosting large manufacturers such as Timberland in its free-trade zones. “These accomplishments generate great trust in our industrial sector, and together with our anti-bribing laws are motivating many large companies to set up shop in our island”, states Minister Bisonó. sector, and together with our antibribing laws are motivating many large companies to set up shop in our island»
The Dominican Republic is on the path of an economic revolution, with 18 free trade zones and 204 new businesses registered in the past two years.
Registering US$1.1 billion in exports last year, for a 12,4% accumulated growth, the country’s industry has proven successful in pro-
VICTOR BISONÓ
