Doha: ProDominicana and Dirección General de Alianzas Público Privadas (DGAPP) have urged Qatari businessmen to invest in the Dominican Republic.
During an event held on Tuesday entitled “Dominican Republic, Hub of opportunities of the Americas”, ProDominicana Executive Director Biviana Riveiro stressed that the Dominican Republic is “an attractive destination for foreign investment. Statistics place us as the main destination in the Caribbean region, and foreign investment companies based in the country have also demonstrated their conviction that our country is a reliable destination for new businesses.”
On Monday, officials of Qatar Chamber and DGAPP held a meeting and discussed commercial and economic ties between the two countries and ways of enhancing them. It also reviewed investment opportunities available in both countries and co-operation prospects between the Qatari private sector and its Dominican counterpart.
Qatar Chamber first vice chairman Mohamed bin Towar Al Kuwari said the Qatari market is “attractive and promising,” and welcomes co-operation between companies from both countries in all sectors.
Dominican Republic offers not only political and democratic system with a lot of stability, but also an environment that helps and promotes the growth and business, Riveiro explained. She pointed out that “as you can see with Qatar, we have many potential sectors that in terms of exports, we can present as an opportunity. Dominican Republic exports to Qatar represent 0.1 percent of this exchange, while the Dominican imports from Qatar represent 99.9 percent of the exchange with this country.”
DGAPP meanwhile disclosed that the Dominican Republic is set to be one of the countries with the highest growth in Latin America and the Caribbean in 2021. The country’s Gross Domestic Product (GDP) is expected to grow by 5.5 percent in the current year.
DGAPP Executive Director Sigmund Freund said among the PPP projects that are being looked into are Ambar Highway, estimated initial investment of $400m; Cabo Rojo – Pedernales Tourist Development, $3,800m; Duarte Port Arroyo Barril, $60m; National Transmission System, $500m; and Energy distribution PPP, $7bn.
The key strategic sectors are tourism, free zones, real estate, financial services, and logistics. Among the benefits of FDI as stated on Law No. 16-95 on Foreign Investment and Investment Promotion and Protection Agreements (IPPAs) are: national treatment in favor of the Foreign investor, guaranteeing them the same legal protection that is granted to national investors; liberalization of dividends and repatriation of capital; residence for investment for the benefit of the investor, shareholders, management personnel and specialized technicians; and higher level of protection through IPPA and the investment chapters of the trade agreements signed by the Dominican Republic.
