The Ministry of Foreign Relations and ProDominicana trade agency have joined forces to boost exports and investments abroad.
A new 2021 Trade Promotion Plan challenges Dominican missions abroad to add two new-to-market Dominican products to the host country’s import list every year. The foreign missions are also asked to identify potential buyers for already identified Dominican products and services. The objective is that the embassies and consulates be proactive to secure increased market share for Dominican products and services in each host country.
Foreign Minister Roberto Alvarez and the director of ProDominicana export and investment agency Biviana Riveiro made the announcement on 11 November 2020.
The plan includes several actions to be developed by the foreign missions to promote and strategically position Dominican exports. The plan provides staff at embassies and consulates with a planning and goal-setting tool. The plan outlines concrete actions to help the diplomats detect business opportunities.
To increase foreign investment, the foreign mission staff is being asked to organize investor missions, and/or business meetings (virtual and/or in person). The staff is expected to hold periodic meetings with business associations and chambers of commerce to promote the country as an attractive investment destination; and attract at least one potential investor a year.
Alvarez and Riveiro highlighted that the work tool seeks to achieve the Abinader administration goal of increasing exports, attracting more foreign investment and positioning the country brand. “It is about showing the best of us, to attract the best of the world,” is the Ministry of Foreign Relations message.
According to ProDominicana, the Dominican Republic exports 4,200 items in 200 international markets. 4,400 exporters are registered with Pro Dominicana.
The Dominican Republic exports are backed by five international trade agreements – United States, Central America, Caribbean, European Union and the United Kingdom.
According to Pro Dominicana, Foreign Direct Investment (FDI) in 2019 amounted to US$3 billion, a growth of 18.8% over the previous year. Investment growth areas have been in tourism, real estate, energy and telecommunications.
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Ministry of Foreign Relations
Acento
11 November 2020