The board of the Dominican Association of Export Free Zones (Adozona) highlighted the importance of the sector in a visit with governor of the Central Bank Hector Valdez Albizu on Wednesday, 4 July 2018. The Adozona board of directors, head by president Federico Domínguez, highlighted the current economic stability and the existing legal security are very positive, and made a presentation on jobs, exports, accumulated investment and the contribution of the GDP of the free zones, that amounted to RD$117.08 billion in 2017.
The companies operating in industrial export free zones are 665 that are located in 26 of the 31 Dominican provinces and National District. The number of existing direct jobs amounts to 165,724. Exports last year were US$ 5.70 million that was 56% of the total Dominican exports.
The free zone model has made it possible for the Dominican Republic to be the global leader in cigar exports, the second largest exporter of electrical switches to the United States, the third largest exporter of footwear in Latin America, the third largest supplier of women’s coats to the United States, and the third Latin American exporter of medical instruments.
Central Bank governor Hector Valdez Albizu highlighted during the meeting the favorable economic situation of the country. He said in the first five months of the year the country registered average growth of 6.6%, measured by the Monthly Economic Activity Indicator (IMAE). He said the country continues to be the leader in economic growth in Latin America. Valdez mentioned that free zones if the second most important factor contributing to growth, with 10.6%, only behind the construction sector that has posted 15.1%.
Free zone exports from January to March were up 12.6% compared to the same period in 2017.
The sector has increased its diversification in recent years. While in 2010 the free zone exports were 53% apparel, today this is broken down in medical instruments and pharmaceuticals 26%, apparel 19%, electrical devices 16%, tobacco and by products 14% and jewelry 7%.
Present for Adozona in addition to president Domínguez were board members Pedro Manuel García, first vice president; José Manuel Torres, executive vice president, José Clase, past president; José Tomás Contreras, past president; and Eduardo Bogaert, director.
For the BCRD, were Governor Valdez Albizu, Deputy Governor Clarissa de la Rocha de Torres, Manager Ervin Novas, Deputy General Manager Frank Montaño, Economic Advisor Olga Díaz, Deputy Manager of Monetary, Foreign Exchange and Financial Policies Joel Tejeda, and directors Ramón González, of National Accounts, and Rafael Capellán, of International department.
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Banco Central
5 July 2018
