President Hipólito Mejía said there is no uncertainty, nor can there be in the immediate future regarding foreign investments in the DR. He was responding to a op ed contribution made by US Ambassador Charles Manatt to the Listín Diario newspaper. President Mejía said that the concerns expressed by the Ambassador relate to matters past. In the item Ambassador Manatt says he was surprised to find that there is not a greater amount or a higher percentage of US investment in the DR. The ambassador writes that only about US$180 million or 25% of foreign investment in the DR comes from the US, the country’s main trading partner and geographic neighbor. Spanish investment accounts for 30%. He said that while he has a "generally positive assessment of the investment climate," he had several suggestions to make the DR more attractive for US investment. These include: Establish a transparent and enforceable budget mechanism that prohibits executive branch agencies from entering into agreements for which funds are not specifically budgeted. Continue to reform the judicial system. Settling long outstanding cases of expropriated property. Better enforcement of existing laws and policies. Allowing US investors to choose the venue for resolution of their contractual dispute. Changes in law requiring Dominican courts to honor arbitration clauses found in contracts between private parties.
