Dominican Republic becomes attractive destination for foreign investment
Photo: Dangelie Perez / Pexels
Taken of TTC no.292
The Dominican Republic led Foreign Direct Investment (FDI) flows in Central America and the Caribbean in 2022, for an amount of more than four billion dollars. This is confirmed by the 2023 World Investment report from the United Nations Conference on Trade and Development (UNCTAD).
The report also states that Santo Domingo stimulated the expansion of capital placement in the Caribbean and attracted 44% of FDI. Regarding the behavior of this variable in that country, in the first quarter of the year, its Central Bank indicated that they exceeded those achieved in the same period of 2022 by seven percent.
The most attractive sectors for investment were tourism and services, which represented 54% of the total, and natural resources, with a growth of 79% compared to 2021. Meanwhile, the energy transition is seen as an opportunity for the productive development of the Caribbean region, and the main investment partners are the United States, Spain and Canada, in that order.
For its part, the Export and Investment Center of that country (ProDominicana) recognizes the Piñero Group (Spain) as one of the foreign capital companies that contribute the most to the national economy. That company’s planned investments for this year stands at 70 million dollars (63.5 million euros).
FDI is one of the main sources of foreign exchange, jobs and a revitalizing tool for the Dominican economy.