Trade deal spurred foreign investment record, Dominican Central Bank says
25 March 2008
SANTO DOMINGO.- Direct foreign investment in Dominican Republic jumped to US$1.7 billion in 2007, year in which the DR-Cafta trade accord took effect in the country, the Central Bank said.
According to the entity, in 2007 there was US$238.7 million more in direct foreign investment than the year before, a 16.3 percent growth compared to 2006 US$1.5 billion.
Dominican Republic’s Export and Investment Center (CEI-RD) director called it a "record foreign investment flow" thanks to the country’s entry into the DR-Cafta free trade deal.
Eddy Martinez said a higher amount is expected in 2008 with the signing of an economic participation agreement with Europe, placing the country in the unique position of having access to the U.S., the European, and even the regional market.
"The great volume of access to preferential markets, an investment climate with clear rules, confidence, economic stability, logistic factors such as infrastructure and the quality of Dominican personnel," are the elements Martinez said makes Dominican Republic attractive for investors.
According to the Central Bank the sectors which drew the highest foreign investment in 2007 were real estate (US$723 million); tourism (US$445 million) and telecommunications (US$417 million).
In 2007 the three countries with the highest amounts of foreign investment in Dominican Republic were the U.S. (US$796 million); Spain (US$258) million and Canada (US$163 million), the Central Bank said on its Web site.