President Danilo Medina joined his colleagues from Panama, El Salvador and Cuba, on state visits to China last week, As part of their agendas, Presidents Danilo Medina (Dominican Republic) Juan Carlos Varela (Panama), Salvador Sánchez Cerén (El Salvador) and Miguel Díaz-Canel (Cuba) gave talks and participated at each country’s stand at the China International Import Exposition taking place at the National Exhibition and Convention Center of Shanghai from 5-10 November 2018. The exposition is part of new Chinese government initiatives to promote imports to China, seeking to change the country’s strong positioning as just an exporter.
This reality is very true for the Dominican Republic. National Statistics Office (ONE) data shows that in 2017 the People’s Republic of China exported US$2,458 million to the Dominican Republic, and Dominican exports were but US$145 million. Export figures for 2018 are expected to be less than in 2017 as a good part of the US$145 million was scrap metal that China is no longer sourcing in the Dominican Republic.
Local media accompanying President Danilo Medina on the trip to China reported that President Xi Jinping made a stop at the Dominican stand at the exposition where he was received by President Medina. President Xi Jinping spoke with optimism of Dominican Republic increasing its rum exports to China now that both countries share full diplomatic relations. He expressed his interest in Chinese being able to taste Dominican rum once it is readily available on the Chinese market. “We the Chinese do not yet know much about rum but we enjoy its taste and that is very important. The task ahead is to introduce it because you have a big market here in China,” said Xi Jinping speaking through a translator. At the stand, President Xi Jinping learned about Dominican hand rolled cigars, cacao exports, fruits and tropical vegetables, such as pineapple, bananas, avocados, among others. President Medina reported Dominican cigars are competitive because of their superior consistent quality compared to Cuban cigars.
It was reported the President cut his visit short. He caught a bad cold in China. He will not make the planned stop in Shenzhen to visit manufacturing plants and will return on Wednesday, 7 November 2018, earlier than planned.
The Presidency announced a US$600 million loan is in the works with China for the electricity sector. Diario Libre says Ruben Jimenez Bichara, executive vice president of the Dominican Public Electricity Corporation (CDEEEE)who is on the government mission in China, told their reporters that the loan would be made by the Exim Bank of China and would be used to improve the power distribution system and cut losses by an estimated 28% or around US$100 million a year. He said the loan would be signed for 2-3% interest rate.
Diario Libre reported that President Danilo Medina said the government is not seeking Chinese investors for its coal-fired Punta Catalina thermoelectric central. He also denied that the government would negotiate a free trade agreement with China.
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6 November 2018
