In notable contrast to the reception he received last week at France’s top industry body, the Patronat, President Fern?ndez heard an earful of complaints about the Dominican investment climate when he visited Italy’s top industry body, the Confederation of Italian Industry (CONFINDUSTRIA). Italian investors complained about the DR’s unpaid public debts, legal and other problems blocking tourism projects in the DR’s South, and high interest rates for loans from Dominican commercial banks (reputedly the highest interest rates in the Caribbean). For his part, President Fern?ndez pointed out that (1) the DR government is working out mechanisms to ensure unpaid debts from past Administrations are honored; (2) the National Registry is trying to clean up the land title disputes blocking tourism development in Pedernales; (3) Banreservas is offering credits to develop tourism in Barahona province; (4) the DR is prepared to sign and ratify a bilateral investment treaty (BIT) with Italy guaranteeing rights and conditions for Italian investments in the DR; (5) the DR is a signatory of the Multilateral Investment Guarantee Agency (MIGA), World Bank affiliate, which can insure investors against some of the risks of investing in the DR; (6) Spanish investors have just agreed to invest US$250 million in tourism projects in Saman? province.During the meeting it was agreed that CONFINDUSTRIA President Paolo Catti Gasper will lead a mission of Italian businessmen to Santo Domingo to formulate projects for Italian investment in the mining, transport, telecommunications and tourism sectors.
