Dominican tourism mogul explains the boom

Santo Domingo.- The reform of the incentive law at yearend 2013 and the signing of a tax agreement that eliminated investor uncertainty in establishing a rational tax payment formula in hotels have been two of the factors that, according to a tourism mogul  propelled the country’s boom in the sector .

Frank Rainieri said the government created a more attractive investment scenario and the private sector responded immediately, as evidenced by the additional 5,000 rooms expected this year.

“Tourism is the main destination for agricultural and agribusiness production, and most of which has no other potential markets to target,” the Puntacana Group president said during a gathering of the Mexican-Dominican Chamber of Commerce.

He said the traditional agro exports (coffee, cocoa, sugar and tobacco) that sustained the economy 30 years ago totaled US$274 million last year. “By comparison local tourist consumption in hotels alone surpassed US$600 million, while the sale of food to airplanes at airports produced US$33.9 million, more than exports of coffee and tobacco together.”