US Ambassador in the DR Charles Manatt lauded Dominican business and political leaders for the advances they have made in strengthening democracy and spurring the phenomenal 8% annual economic growth rate the country has experienced in recent years. At a luncheon for U.S. and Dominican business people and politicians at the U.S. Chamber of Commerce in Washington, D.C., Ambassador Manatt shared his views on the successful Dominican elections this past August, as well as developments regarding CBI enhancement and a project for a major new port, all of which will contribute to positioning the Dominican Republic as a regional commercial hub. The luncheon, hosted by the American Chamber of Commerce of Santo Domingo, was held in conjunction with Dominican Week activities (http://www.rvhb.com/dominican.htm). Ambassador Manatt also highlighted the Dominican Republic’s potential as a regional commercial hub due to its geographic location, its commercial and cultural ties with the U.S. Ambassador Manatt called the attention of US businessmen that the start of the CBI enhancement legislation, extending benefits of the NAFTA trade agreement to the Caribbean, means new opportunities for US business to sell machinery, raw materials and many other potential imports. Eighty-five percent of clothing currently manufactured in the Dominican Republic is made with U.S.-produced textiles, and 60% of all consumer goods sold on the island originate in the U.S. The Dominican Republic’s free trade zone sector, where textile manufacturers operate, is poised to increase significantly and to compete successfully in the region. The legislation is expected to create 35,000 new jobs in the DR. Furthermore, Ambasador Manatt highlighted the start of construction of the CSX World Terminal and Caucedo Development multimodal port in Santo Domingo. For more information on this project, see the news brief at http://www.dr1.com/daily/news092000.shtml
