The European Union (EU) has consolidated its position as the Dominican Republic’s leading foreign investor in 2024, pouring over US$1.52 billion into the nation, representing 33.7% of the total foreign direct investment (FDI), Diario Libre reports. This significant influx has bolstered key sectors, including tourism, renewable energy, manufacturing, sustainable urban transport, and digital services.
On 27 May 2025, Vice President Raquel Peña highlighted the robust relationship between the two entities, stating: “The commercial relationship between the Dominican Republic and the European Union has reached historic levels. In 2024, foreign direct investment flows into the Dominican Republic reached an all-time record of over US$4.5 billion.” Her remarks came during a forum organized by the EU, its member states, and the Pontificia Universidad Católica Madre y Maestra (Pucmm), which showcased the strategic partnership.
Katja Afheldt, the EU Ambassador to the Dominican Republic, explained that the economic ties are framed by the Economic Partnership Agreement (EPA), signed between the Caribbean Forum of African, Caribbean, and Pacific States (Cariforum) and the EU.
“We always say that the EPA is a development agreement, not just a free trade treaty,” Afheldt emphasized. “The European Union has opened its market, and since 2008, all goods from Cariforum enter with zero tariffs, and we are not going to change that.” She underscored Europe’s massive market of 450 million consumers with high purchasing power, calling it a “premium market, very important and relevant for the Dominican Republic.” The EPA also allows Cariforum nations to protect sensitive sectors, such as rice, beans, and rum in the Dominican Republic’s case.
Spanish Ambassador Antonio Pérez-Hernández echoed the sentiment of close ties, stating: “The European Union has no better friend in the region than the Dominican Republic. We are natural, strategic, and priority partners. The Dominican Republic can count on the European Union.”
The EU’s cooperation extends to promoting renewable energy, energy efficiency, and sustainable mobility in the Caribbean nation. This includes supporting infrastructure projects like hydroelectric plants, urban transport systems (metro and cable car), and the adoption of new green technologies.
French Ambassador Sonia Barbry noted that the EU is driving green and digital investments in the Dominican Republic through its Global Gateway strategy. This initiative backs projects such as the metro, cable car, and monorail, and mobilizes experts for long-term urban transport planning, aiming to enhance economic access and reduce emissions.
The EU collaborates with the Dominican Republic across numerous vital areas:
• Sustainable economic development
• Renewable energy and urban transport
• Education and climate change
• Justice, security, and governance
• Digital transformation and institutional strengthening
• Regional integration through the EPA
In the realm of the rule of law, the EU supports improvements to the Dominican judicial system, focusing on access to justice, digitalization of processes, and combating gender-based violence. Furthermore, it assists in the fight against drug trafficking, organized crime, cybercrime, human trafficking, and arms trafficking.
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Diario Libre
28 May 2025