2005News

Special free zone status for all

In a parallel story in Hoy, the president of the Dominican Association of Textile Industries, Ivan Veloz Cabral told reporter Aleida Plasencia that the country needs more “Special Free Zones” (SFZ), especially industrial parks that would host the local textile industry that currently does not enjoy the tax benefits of the SFZs. According to Veloz Cabral, the essence of the SFZs is to export 80% of the production and sell the remaining 20% on the local market. He was interviewed when he participated in the talks on the Free Trade Agreement with the United States that was held at the PUCMM and hosted by the Association of Free Zones (ADOZONA). According to Veloz Cabral, the only way for local textile manufacturing to continue in the market in the face of the FTA with the US, is if they come under the umbrella of a SFZ that may provide enough tax breaks to be able to compete in both local and foreign markets.