Dominican Republic @USA Today

Uncovering a Business Oasis in the Caribbean


I n just over three years, President Abinader’s modernizing vision has transformed the Dominican Republic into one of the leading and most innovative economic powers in the region, with an unprecedented high rate of economic growth and a proven resilience to external shocks. In 2022, the Dominican Republic received the largest amount of foreign direct investment in its history, exceeding US$4 billion and confirming it as the first destination country for FDI in the Caribbean.

It also experienced an important increase in exports, with record figures for the second consecutive year. Indeed, in 2022 exports totaled US$12,391 million, an increase of 4.7% over the previous year, which al- ready represented a 20% increase over 2020 figures. Significantly, the free trade zones have played a key role in this process, with exports from this sector currently representing 63.2% of the country’s total exports. Last year alone, free trade zone exports amounted to US$7.768 million and created more than 192,000 direct jobs, thus becoming an essential generator of jobs, foreign exchange and investment attraction.

Thanks to the government’s business-friendly mentality, their focus on innovation and the strategic public-private alliance it has promoted since its early days, the country’s manufacturing sector is blooming. In 2023, several key free trade productive sub-sectors increased its exports, particularly the agro-industrial, plastic, metal, electrical and medical products and devices.

Furthermore, in the services sector, around 14% of exports correspond to non-traditional services in the financial, insurance, and information technology industries. Such figures evidence the dynamism andinnovation of these industries and the fact that “the Dominican industrial sector is experiencing an awakening never seen before”, as president Abinader states.

Simona Simeonova