Dominican Republic leads with largest Free Trade Zone network, surpassing the EU

Madrid.- The Dominican Republic’s lesser-known industrial strengths beyond rum, tobacco, and tourism took center stage at a panel discussion at Banco Sabadell in Madrid during Dominican Week in Spain. The event, titled “Free Zones of the Dominican Republic: Gateway to the U.S. Market,” emphasized the country’s unique economic position. With 91 free trade zones across 28 provinces, the Dominican Republic has attracted 847 companies from 50 countries, leveraging its strategic location and favorable tax policies to become a Caribbean economic hub. Projections for 2024 estimate a 5.4% growth rate for the Dominican economy, which is supported by a stable political and economic environment.

Minister of Industry, Commerce, and MSMEs, Víctor Bisonó, highlighted the benefits for Spanish investors, noting that Spain is the second-largest investor in the country. To foster further investment, he announced the upcoming “Zero Bureaucracy” initiative to simplify business processes and affirmed the Dominican Republic’s focus on developing the semiconductor industry.

The discussion concluded with insights from logistics and business experts who praised the Dominican Republic’s strategic location, high-quality infrastructure, and business-friendly environment.