Dominican Republic registers over 4,000 million in foreign investment

Santo Domingo.- The Minister of the Presidency, Joel Santos Echavarría, announced that the Dominican Republic has seen foreign investment surpass 4,000 million dollars for two consecutive years. It is anticipated that this figure will exceed 4,500 million dollars in 2024, setting a new record for the national economy.

Santos Echavarría emphasized the growth of the Dominican economic sector, predicting an annual growth rate between 4.5% and 5%.

“The Government, in collaboration with the Central Bank, has concentrated its efforts on controlling inflation to create an environment conducive to economic growth. This strategy has placed the Dominican Republic ahead of other countries in terms of managing inflation and promoting development,” he stated.

Santos Echavarría also highlighted that the effective management of the COVID-19 crisis has improved the country’s ratings from major risk agencies, owing to its ability to sustain high economic growth rates, enhanced fiscal planning, and prudent monetary policies.

Additionally, he outlined the strategic areas President Luis Abinader’s government will focus on during his second term, aiming to promote the economic, social, and institutional development of the Dominican Republic.

Speaking as an honorary guest at the Official Chamber of Commerce of Spain in the country (Camacoes RD) during the master conference “DR Perspectives for the Coming Years,” he specified these areas: institutionality, public services, infrastructure projects, citizen security, health and education, an integrated transportation system, energy, and reforms.

Santos Echavarría explained that these strategic areas will positively impact the development of the Dominican Republic, forming part of President Abinader’s legacy expected to be evident by the end of his second term in 2028.

He added that, driven by the dynamic tourism sector, the country is projected to welcome over 11 million tourists by 2024.

“The truth is that the tourism industry is experiencing its best moments in history, positively influencing foreign direct investment, job creation, and foreign exchange, as well as boosting the construction sector,” he said.