President Luis Abinader announced that the Investment Promotion Cabinet, created 23 September 2020, will be headed by Vice President Raquel Peña. Vice President Peña already heads the Health Cabinet.
By Decree 849-21, issued on 29 December 2021, President Luis Abinader repealed Decree 143, dating back to 2009 during the Leonel Fernández administration, that had created the Investment Cabinet for Strategic Projects.
The purpose of the Investment Promotion Cabinet is to promote within the Public Administration the policies, guidelines and mechanisms so that, in an articulated and agile manner, facilities and processes may be developed to encourage investment in strategic sectors that contribute to the improvement and increase of the country’s competitiveness.
Other key government participants in the new Investment Promotion Cabinet are the Export and Investment Center of the Dominican Republic, which will act as secretary; the Ministry of the Presidency; the Ministry of Hacienda (Finance); the Ministry of Industry, Commerce and Small Business; the Ministry of Tourism; the Ministry of Environment; the Ministry of Economy; the Ministry of Foreign Relations; the Public-Private Alliances Agency and the governmental Banco de Reservas.
The main role of the Investment Promotion Cabinet is to assess and propose policies that have an impact on the improvement of the country’s investment climate, to submit to the competent authorities proposals or suggestions regarding the issuance of regulations and norms considered necessary for the promotion of investment.
The Investment Promotion Cabinet is also tasked with the recommending to the corresponding bodies the approval of presidential strategic projects according to the provincial profiles and the territorial planning necessary for the development of the country. Another objective of the new entity is to recommend to the corresponding bodies the approval of the facilities that may be necessary for certain strategic projects.
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Listin Diario
25 January 2022