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By making the most of its exceptional location as a logistics hub, the Ministry
of Industry, Commerce and MSMEs is transforming the country into a key global
industrial player.
With a GDP growth increase of nearly 19% since 2020, the Dominican Republic is today the first economy in the Caribbean region and the seventh in Latin America. According to Minister of Industry, Commerce and MSMEs, Mr. Victor Bisonó, the feat is largely due to the country’s concerted move to become a strategic commercial ally of the United States, gaining access to a flow of global capital inaccessible to neighboring countries with lesser political stability. “Money is cowardly”, says Minister Bisonó, “money goes where there is no noise”.
Following an alliance with Panama and Costa Rica, the Dominican Republic has managed to attract to its free trade zones large investments in medical and technological development, among others. By designing a strategy of near shoring, it has turned the country into a global logistics hub, drawing large-scale investments from companies supplying the US economy to the neighbouring republic, which enjoys democratic leadership and enviable political and social stability. “Our geographic conditions and qualified workforce allow other countries to settle here in order to enter the US market, and this is working out extremely well for us”, adds Minister Bisonó.
Registering US$1.1 billion in exports last year, for a 12,4% accumulated growth, the country’s industry has proven successful in promoting its “made in the Dominican Republic” production strategy, supplying 85% of America’s tobacco and hosting large manufacturers such as Timberland in its free-trade zones. “These accomplishments generate great trust in our industrial sector, and together with our anti-bribing laws are motivating many large companies to set up shop in our island”, states Minister Bisonó.
The Dominican Republic is on the path of an economic revolution, with 18 free trade zones and 204 new businesses registered in the past two years. However, according to Minister Bisonó, the reason for this success is not only the country’s new trade policy, but its highly professional workforce. “Our people are the main protagonists of this transformation; they are the ones making it into a reality”. Indeed, by investing heavily on its workforce, the country has moved from 5% to 32% professionalization, and has created 180.000 new jobs for Dominicans over the past two years.
Accordingly, US investments have reached an all-time high of US$1.3 billion, an 87% net growth compared to 2020, according to Central Bank numbers. Behind this success is the government’s sustained effort to maintain and improve its democratic institutions, defense of freedom and independence of justice, which allow American corporations to operate within a system they can trust. “Our government has proven to favor a sustained democracy, and this gives us tremendous advantages over some of our neighbours”, adds Minister Bisonó.
Celebrated for its economic resilience during the pandemic and its sustained growth rates, the Dominican Republic is becoming a key player in the global economy and a sought-after destination for international investors. In the words of Minister Bisonó, “The Dominican republic is on an excellent path, and my message to investors is clear: come develop your business in our country, come work hand in hand with us”.
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