Economy December 12, 2023 | 1:20 pm

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President Abinader stresses foreign investment’s role in Dominican Republic’s economic growth

Santo Domingo.- President Luis Abinader emphasized the critical role of foreign investment in the economic development of the Dominican Republic. Speaking at the presentation of the study “Impact of Foreign Direct Investment (FDI) on the Dominican Economy: Let’s Double the Investment,” he outlined various strategies aimed at attracting and retaining foreign capital.

Abinader highlighted the nation’s political stability and structural reforms as key attractions for investors. Tax incentives, streamlined bureaucratic processes, and legal certainty are among the measures implemented to create a favorable investment climate. He also stressed the importance of collaboration between government, private sector, and international community for sustainable economic growth.

The President identified tourism, renewable energy, agribusiness, and technology as key sectors for future investment. These remarks underscore the Dominican government’s commitment to fostering an environment conducive to investment and growth.

The event, held at the El Embajador Hotel in the capital, featured economist Alejandro Grisanti and included a tribute to Alfonso Paniagua Báez, past president of the Association of Foreign Investment Companies (Asiex). Alejandro Peña Prieto, President of Asiex, praised the country’s investment appeal and legal security efforts since 1985, noting that companies have invested over US$30 billion in the Dominican Republic.

The Dominican Republic, which attracted about US$4 billion in FDI in 2022, is positioned as a leader in Central America and the Caribbean and a prominent investment destination in Latin America. According to Grisanti’s research, the country hosts 659 significant foreign investment companies, contributing 18.8% to the Social Security Treasury. FDI’s fiscal contribution has increased by 84% in dollars between 2018-2022, and the country projects to raise approximately US$4.3 billion in FDI this year.

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