2004News

Free Zones see US$60 million in January

According to the Diario Libre, the Dominican Republic’s industrial free saw over US$60 million dollars in direct investments in January of this year. Textile manufacturing, security services, electronics, recycling and service industries were the major contributors. During January, the National Council of Free Zones (CNZF) approved the installation of 10 new operations which will generate 2,550 new jobs and US$16.5 million in revenues. The direct foreign investment in January is in sharp contrast to the total figures for the years 2002 and 2003, which saw yearly investments of US$64.4 million and US$67.8 million respectively. One of the most crucial sectors was the textile industry, which saw four new companies installed. Among these was Gilden Activeware, a very large Canadian firm out of Montreal. Gilden already has facilities in Haiti and expects to invest US$60 million in the DR over the next three years.