Sanz Lovatón: Dominican Republic has conditions to make leap to higher-income economy

Santo Domingo.- Dominican Industry, Commerce and MSME Minister Yayo Sanz Lovatón said the Dominican Republic has the economic and institutional conditions to transition from a middle-income economy to a higher level of development, supported by investment and stronger competition.

Speaking during Competition Week 2026, Sanz Lovatón said fair and transparent markets are essential to sustaining the country’s long-term growth and attracting new investment.

He highlighted the Dominican economy’s recent performance, noting that while Latin America is growing at around 2%, the Dominican Republic is expanding at more than 4% of GDP. Foreign direct investment has also reached a record US$5 billion, with the country seeking to surpass that figure.

Sanz Lovatón said the results are particularly significant given global geopolitical tensions, higher energy prices, and the regional situation involving Haiti, which he said have underscored the country’s economic resilience and institutional stability.

The minister also praised cooperation between the government and ProCompetencia, led by María Elena Vázquez Taveras, to strengthen fair competition, protect consumers and businesses, and establish a more modern investment environment.

He said the adoption of international best practices would help Congress and the Judiciary strengthen the country’s regulatory framework and create a more competitive business ecosystem.

“There is a virtuous cycle in the Dominican Republic for doing business, starting businesses, and working. This is the time to believe in and invest in our country,” Sanz Lovatón said.