Economy March 4, 2024 | 9:04 am

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Dominican Republic’s tourism sector flourishes with strategic investment funds

Santo Domingo.- The Dominican Association of Investment Fund Management Companies has reported a substantial impact on the tourism sector, generating 1,274 permanent direct jobs and over 3,000 indirect jobs through investments made last year.

As of June 30, 2023, the funds invested in the tourism sector surpassed 30,000 million pesos, focusing on six provinces: National District, El Seibo, La Altagracia, Pedernales, Samaná, and Santo Domingo.

“Investors have directed significant resources into crucial tourism projects across the Dominican Republic,” highlighted the association. These investments, ranging from the construction of new luxury resorts to the enhancement of existing tourism infrastructure, have played a pivotal role in diversifying offerings and elevating the quality of the tourist experience, as stated by Santiago Sicard, the executive president of ADASAFI.

These funds have been instrumental in the growth and expansion of the country’s tourism sector, reinforcing its status as a leading destination in the Caribbean.

The association recognizes that investing in tourism has created a myriad of economic opportunities for Dominicans, from job creation in the hotel industry to supporting local businesses offering tourist services and supplies for the hospitality sector. This economic injection has resulted in job growth and increased incomes in the regions targeted by these investments.

Furthermore, these investments have enabled the Dominican Republic to enhance its standards of service, infrastructure, and overall visitor experiences, solidifying its position as a premier quality tourism destination.

In summary, 2023 witnessed a significant upswing in the Dominican Republic’s tourism sector, attributed largely to the positive influence of investment funds. The pension funds managed by the AFPs, investing through these funds, have played a crucial role in this sectoral boost.

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