The President of the Republic, Luis Abinader, stated that the economic growth of the Dominican Republic is sustained by the investment made by private companies in different areas.
“Unlike most Latin American countries, our growth is sustained, not by consumption, but by private investment and that is why we are open to private investment because our goal is to create jobs and that is why we have recovered most of the jobs since we had pre-covid,” said the president.
Similarly, the head of state indicated that 2022 will be a “record year” in relation to foreign investment and “net” investment, which will really be felt in the development of the country.
Leave installed first Border Development Council
The president’s statements took place during the act where the Plenary of the Coordination Council of the Special Border Development Zonewhich has the task of knowing, examining and approving the projects that are submitted to be installed in the Special Border Zone.
That advice, along with the “Special Border Development Zone”, arises on February 4, 2001, with the enactment of Law 28-01 and its application regulations currently replaced by Law 12-21, of February 22, 2021, which has the objective to support the installation of industrial, agro-industrial and other companies, to increase jobs and reduce poverty on the Dominican border, covering the provinces of Montecristi, Dajabón, Santiago Rodríguez, Pedernales, Elías Piña Independencia and Bahoruco.
“The border areas have been in the background, without the attention and push they require and ignoring the potential that can be generated in them. Law 28-01, enacted on February 1, 2001, existed, yes… but it has always lacked the necessary drive to achieve the proposed objectives. The scope of the expected results of this Law was diminished, in addition to the little interest of the past management to meet the Plenary and learn about new investment projects, the application was executed without the support of a comprehensive strategy for the development of the border, in addition to the high costs associated with the installation due to the lack of road infrastructure, connectivity, basic services, qualified labor and availability of financing”, Abinader argued and pronounced.
The president of the Special Border Development Zone Coordination Council, Ramón Pérez Tejada, expressed his determination to turn this body into a support entity for those interested in investing in the border zone.
Pérez emphasized his interest in achieve the application of the Law in a transparent mannerthrough continuous supervision.
Erodis Díaz, executive secretary of the council, highlighted the President’s commitment to the border strip, who assumed a fundamental role in promoting the approval of Law 12-21.
The Council is made up of 14 members, the Minister of Industry, Commerce and MiPymes, the Minister of Finance, the Minister of Economy, Planning and Development, the Minister of Agriculture, the Executive Director of the Export and Investment Center of the Dominican Republic, the Executive Secretary of the Council and the President of the Council, appointed by the Executive Power, as well as a representative of Civil Society for each province of the Special Zone.
Currently the Special Zone for Border Development has 81 companies hostedwhich generate more than 11,000 jobs, directly impacting the lives of its citizens and there are more than 200 businessmen interested in availing themselves of the tax incentive regime, who were waiting for the Council to meet, since since 2014 it had did not session