Dominican Republic US$2.24B megaproject interests Koreans
Santo Domingo.- A sector of the Dominican Republic which South Korea pays special attention to is business.
And among its objectives is the international airport that the Luis Abinader government seeks to build in Pedernales and, at the bilateral level, a free trade agreement that would allow Hyundai and Kia vehicles to be sold at a lower price
“The Pedernales development plan is a good approach for Korean companies,” says Jaewook Yoo, general director of the Korea Trade-Investment Promotion Agency (Kotra) in Santo Domingo. “If we can, we are honored to be in those development activities.”
The Tourism Development Project of Pedernales, Cabo Rojo, is conceived to be carried out in four phases, for an average of 10 years, and an estimated cost of US$2.24 billion, for which the government is seeking investors.
In the first phase, an investment of US$1.3 billion is stipulated for the construction of 4,700 hotel rooms, with the goal of increasing them to 12,000 by the end of the project.
The government has reported that the first hotels will begin construction in mid-2022.