From today's Sosua News:
According to a report in El Faro (Puerto Plata), preparations are being made for the construction of a 'Zona Franca' in Sos?a. The initiative seems to come from Ian Schembri Sant, CEO of The Ocean Club Group. In the Dominican Republic about 500 companies do business in the approximately fifty 'Zonas Francas', so tax-free zones. Companies in these areas have an exemption from various taxes for a period of fifteen years. These areas are particularly designed for export production. Over 50% of the companies work in the clothing and shoes manufacturing for the U.S. market. Almost half of the companies is of American origin. But in Sos?a they are especially interested in companies in the IT business, energy savings business and security equipment companies. The new Zona Franca should not create competition for the existing Zona Francas in Puerto Plata and Santiago. According to the article in El Faro, Sos?a disposes of unique opportunities. Indeed, there are many university graduates in the region because there are three universities in Puerto Plata. The graduates are bilingual because they speak Spanish and English. The infrastructure is favorable and the airport is only 15 minutes away and easily accessible.
For the better educated people, Sos?a with its beautiful beach, water sports, international restaurants, cultural center and rich Jewish tradition, is a nice place to live. The new Zona Franca will provide a job for at least 100 high educated professionals. In addition, another 200 jobs for young professionals. In addition, many people will find jobs in security, transportation and maintenance. Furthermore, all kinds of companies like hair salons, colmados, supermarkets, bars, restaurants, fashion shops and real estate companies will benefit from the increased purchasing power of workers from the new Zona Franca.
According to a report in El Faro (Puerto Plata), preparations are being made for the construction of a 'Zona Franca' in Sos?a. The initiative seems to come from Ian Schembri Sant, CEO of The Ocean Club Group. In the Dominican Republic about 500 companies do business in the approximately fifty 'Zonas Francas', so tax-free zones. Companies in these areas have an exemption from various taxes for a period of fifteen years. These areas are particularly designed for export production. Over 50% of the companies work in the clothing and shoes manufacturing for the U.S. market. Almost half of the companies is of American origin. But in Sos?a they are especially interested in companies in the IT business, energy savings business and security equipment companies. The new Zona Franca should not create competition for the existing Zona Francas in Puerto Plata and Santiago. According to the article in El Faro, Sos?a disposes of unique opportunities. Indeed, there are many university graduates in the region because there are three universities in Puerto Plata. The graduates are bilingual because they speak Spanish and English. The infrastructure is favorable and the airport is only 15 minutes away and easily accessible.
For the better educated people, Sos?a with its beautiful beach, water sports, international restaurants, cultural center and rich Jewish tradition, is a nice place to live. The new Zona Franca will provide a job for at least 100 high educated professionals. In addition, another 200 jobs for young professionals. In addition, many people will find jobs in security, transportation and maintenance. Furthermore, all kinds of companies like hair salons, colmados, supermarkets, bars, restaurants, fashion shops and real estate companies will benefit from the increased purchasing power of workers from the new Zona Franca.
