Exports from free zones totaled US$768 million in June for a growth of 8.4% (US$59 million) compared to June 2022, the Ministry of Industry & Commerce reports. The export total of US$768 million in June 2023 is the highest value for this month in its entire history.
The Free Zones, Opportunity Zones (ZFZO) event, which was attended by the President of the Republic, Luis Abinader, was held within the framework of the 35th anniversary of the Dominican Association of Free Zones (ADOZONA), and the 54th anniversary of the Free Zone sector. In its third edition, it focused on the success that the sector has had in recent years and on exploring the promising opportunities that industrial ecoparks present for the country.
The Free Zones sector celebrated three consecutive years of record numbers, an unprecedented 33% growth in exports and accumulated investment that grew by 38%.
Adozona highlights there are now 804 companies in operation in 86 free zone parks. The next challenge is to implement industrial ecoparks.
At the end of June 2023, direct employment in free zones totaled 196,290, the highest in free zone industry’s entire history. Employment is expected to exceed 200,000 direct jobs, said Industry, Commerce and MSMEs Minister Víctor Bisonó.
“There is an increase of more than 14% compared to the end of 2020. This is more than 24,300 new direct formal jobs in just three years,” said Bisonó during the “Free Zones, Opportunity Zones” event, together with Adozona.
For the end of this first half of 2023, free zones have exported US$4.04 billion, 65% of total Dominican exports.
Bisonó forecasts more than US$8 billion in free zone exports this 2023. He pointed out that these exports are also experiencing increasing in diversification in terms of destinations and exported products, evolving towards more specialized goods and services. Nine new export destinations have been incorporated in the last three years, including Mozambique, Montenegro and Algeria.
To date there are 804 companies and 86 parks in operation. From August 2020 to July 2023, 254 new companies have been approved, which are projected to generate some 40,939 new direct jobs, with an estimated investment of US$606 million.
In Santiago, export free zone jobs are 25% of all formal jobs, 40% in San Cristóbal, 39% in Pedernales and 22% in San Pedro de Macorís.
Nevertheless, the president of the Dominican Association of Free Zones (Adozona), Luis Bonilla, says that for the sector to continue growing, trained human capital is required to respond to the needs of companies and allow them to expand and integrate cutting-edge technology in the processes. He spoke of how receiving government support is key to developing an aggressive international promotion program, with the participation of both the public and private sectors, to attract the new investments required to continue diversifying its export matrix.
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14 August 2023