Raquel Peña: economic growth in the Dominican Republic is due to the effort between the public and private sectors

National Territory—Accelerating the Dominican Republic’s economic growth to double its gross domestic product by 2036 is one of the government’s cardinal objectives. As Vice President Raquel Peña stated during her conference “Business and Political Leadership in the Current Context,” this translates into improvements in the quality of life of all Dominicans.

During the presentation, which was framed by the celebration of ProActiva’s anniversary, the Council for the Development of La Romana, led by Elizabeth Peña Languasco, the vice president, said that “economic growth is the engine of social change par excellence.”

For Peña, boosting the robustness of the Dominican economy implies a significant reduction in poverty and inequality, as well as an increase in options and opportunities for all, as an essential element of human development.

Raquel Peña said that in recent years, the Dominican Republic’s economy has proven to be one of the most dynamic in Latin America, with a growth rate close to 5.0% per year.

Regarding this percentage, he indicated that it is more than a figure; it is a symbol of the joint effort between the public and private sectors to build a resilient economic environment capable of overcoming challenges and adapting to a changing world.

The vice president took the opportunity to list some significant advances in achieving more sustainable economic development, such as diversifying productive activities, promoting emerging sectors, and expanding free zone parks, a sector that received 345 million dollars in foreign investment in 2023 alone.

Likewise, since 2020, Dominican free zones have accumulated over 1,200 million dollars in foreign investment and generated more than 195,000 jobs.

He stressed that each investment represents an opportunity for the government and the private sector to strengthen infrastructure, improve essential health and education services, and build an environment of sustainable development that puts the economy at the service of the quality of life of all Dominicans.

Education, an investment in the future

The vice president pointed out that education and skills development must be at the center of policies to sustain and accelerate this necessary growth.

In this sense, he highlighted the Government’s efforts to train the workforce and thus facilitate the creation of higher-quality jobs and contribute to the promotion of more competitive wages and better working conditions.

“This makes us part of a virtuous circle where economic growth and social welfare reinforce each other,” Peña added, after stressing that “investing in education is investing in the present and in the future.”

Role of the private sector

On the other hand, Raquel Peña pointed out that today’s entrepreneurs must be leaders of change who contribute to the human development of their entire workforce.

So, together, all sectors and the Government continue “creating a country in which every project, every effort, and every investment improves the lives of all Dominicans.”

Before ending her conference, the vice president applauded the council’s commitment to making La Romana an example of comprehensive development and also celebrated ProActiva’s first decade, highlighting the value of the Strategic Development Plan of that province, which was born as an initiative of ProActiva.