The Office of Investment Promotion (OPI) reported yesterday that foreign direct investment (FDI) in the DR rose from US$405.2 million in 1997 to US$634.93 in 1998, a hike of 56.7%. In its report on 1998 FDI flows, OPI said that US$312.9 million, or 49.3% of the 1998 total, went into the tourism sector, while US$138.5 million (21.8% of total 1998 FDI), went into the free trade zones ("zonas francas"), in the process creating some 13,019 new jobs. In other sectors, FDI in mining grew 4.67% to reach US$1 million, food products 11.76% to hit US$13.1 million, alcoholic beverages and tobacco 3.19% to register US$1.7 million, transport and communications 2.14% to capture US$8.1 million, and finance, insurance and real estate 12.52% to reach US$18.8 million.OPI attributed the spike in FDI to macroeconomic stability, an improved investment climate and an aggressive investment promotion regime. It noted that the DR bilateral investment treaties (BITs) with Chile, Ecuador and Taiwan in 1998, and will shortly do so with Argentina, France and Italy as well.
