Speaking at the Annual Meeting of the Interamerican Development Bank, Central Bank governor Hector Valdez Albizu extolled the advantages of the Dominican economy for foreign investment. "Let us be partners in a feasible joint project in which you can trust. You can bet on the future of the DR," he said. He explained that while year 2000 is an electoral year, the DR has achieved maturity so the elections will not necessarily affect economic activities. He said the civil society and political parties agree on the importance of maintaining stable economic growth and that the challenge for the next decade is to reduce poverty. Outlining the Dominican economy, he said that in 1999 registered foreign investment was US$1,352.5 million, up US$650 million from 1998. Foreign companies are expected to invest US$1,000 million this year, and for the next three years projects totaling over US$2,000 million in foreign investment have already been identified, he said when speaking to international financiers. Foreign investment broke down as following in 1999: Power 46.9%, tourism 23.3%, communications 14.3%, commerce 13.2%, free zones 2.3%. Inflation in 1999 was 5.1%, with GDP growth at 8.3%. For 2000, inflation is estimated to be 6.1% and GDP growth at 7-7.5%, reflecting the effects of the increase in petroleum prices. He said in 2000 significant growth is expected in communications, construction, power, water, sugar cane industries and mining.
