King Juan Carlos said that the confidence of Spanish investors in the future of the Dominican economy has triggered a spectacular boom in Spanish investments headed for the DR. He spoke at an encounter with Spanish and Dominican businessmen held at the Hotel Santo Domingo Meliá on the last day of his three-day visit. He said that trade relations between the two countries are at a high point and that the DR is a privileged trading partner with Spain. He commended the DR for the privatization of public enterprises program. Spain is the leading investor in hotel operations in the DR. Spanish government data indicates Spanish investment in the DR is US$2,000 million, of which US$800 million is invested in the hotel industry. King Juan Carlos also spoke of the intangibles such as improvement of local efficiency and competitiveness as a result of the arrival of modern techniques and production methods for Dominican industry through foreign investment. During the meeting, President Mejia announced his government would respect agreements and contracts signed by the previous governments in the name of the Dominican State. He said, nevertheless, that nothing is forever, but that when changes are needed these will be done of common agreement, seeking through dialogue the common good and collective welfare. (17 November 2000)
