Dominican tourism among ‘the most attractive’
Santo Domingo.- The Dominican Republic is recognized as one of the most attractive tourist destinations to vacation throughout the Caribbean Island, characterized by its white sand beaches and crystal clear waters, recreation opportunities and vast cultural richness.
“For decades, the country has earmarked efforts to efficiently exploit its comparative advantages and improve the competitiveness of the sector, but it was not until the 1990s, specifically, from 1995 with the entry into force of Law No. 16-95 on Foreign Investment, when the tourism industry was consolidated as a medullary activity within the Dominican economy,” the Central Bank says in a statement.
It said that since then, the evolution of the hotel, bar and restaurant industry has played an extremely important role in transforming the national production apparatus, with average real value-added growth of this activity of 5.9% over the past three decades, especially for its multiplier effect on demand for local goods and services and on job creation, as well as for its high incidence within the country’s total exports.
“In this regard it is relevant to evaluate the performance of this activity in the Dominican Republic in recent years and in particular, in the face of an adverse international context impacted by the pandemic, as well as the expectations of recovery of this nerve industry for the country.”