Dominican Republic and World Free Zones Organization sign investment and trade cooperation pact

Panama.- The Dominican Republic and the World Free Zones Organization signed a memorandum of understanding to strengthen cooperation in free zone development, investment promotion, exports, and international trade.

The agreement was signed in Panama City by Minister of Industry, Commerce and MSMEs Eduardo Sanz Lovatón and WFZO Director General Matthew Stephenson, with President Luis Abinader and WFZO Chairman Mohammed Al Zarooni serving as witnesses of honor during the 12th World Free Zones Congress.

The two-year agreement establishes a framework for collaboration to attract foreign direct investment, promote secure and sustainable free zones, and facilitate the exchange of best practices, trade information, and business opportunities. Priority sectors include medical devices, pharmaceuticals, semiconductors, logistics, textiles, plastics, renewable energy, mining, and information and communication technologies.

Under the memorandum, the Dominican Ministry of Industry, Commerce and MSMEs will act as the WFZO’s local liaison and work closely with institutions such as ProDominicana, the Dominican Association of Free Zones, and the National Council of Export Free Zones to strengthen the country’s position as a leading investment and export hub in the region.