They project 2022 as the best year of the free zones

Free zones have played a leading role in the economic recovery process, as evidenced by the most recent impact study carried out by Analytica, and presented by the Dominican Association of Free Zones (ADOZONA), together with the Ministry of Industry, Commerce and MSMEs (MICM), within the framework of the celebration of the National Day of Free Zones, in which it is estimated, taking into account the entire value chain, that to date the total impact of the free zone sector in direct and indirect jobs amounts to 403,318.

According to the study, if the sector maintains the trend registered during the first half of this year, total exports of goods and services from free zones are expected to exceed US$10 billion, with net foreign exchange generation close to US$1.7 billion. and with a GDP growth of 9.3%. In addition to these economic data never seen before, it is also important to note that, considering the entire value chain, the free zone sector would return to the economy at the end of 2022, 15 times what the State invests in it.

The impact study revealed that, during 2021 in terms of exports of goods from free zones, exports reached US$7,180 million, with a growth of 15% compared to 2019 and 22% compared to 2020. This growth in exports of Free zones have contributed to macroeconomic stability in the last decade and mainly during the pandemic.

“The performance of the sector during 2021 shows why our free zones are zones of opportunities for all Dominicans and the prospects for the end of 2022 allow us to affirm that we will continue to break records,” said Ito BisonĂ³, Minister of Industry, Commerce and MSMEs.

Read Also:  Where To Get Free Copies Of Your Credit Reports

With respect to the United States, an important destination for the Nearshoring strategy, the Dominican Republic leads exports of cigarettes, ligatures for sutures, photosensitive paper, among other products, with shares between 68% and 37% of that market. The experience and presence of companies in these areas in the country augurs a very favorable short-term outlook.

In the last decade, the free zone sector has diversified by incorporating industrial and service activities. Today in this sector there is a presence in this sector of textile products, tobacco products, with world leadership, as well as chemical products, jewelry, medical products, electrical appliances, business support services (BPO), Contact Center services, port services, among others.

At the end of 2021, 79 parks were registered in the country at the national level, most of them (85%) managed by the private or public-private sector. 734 companies operate in these parks with a total investment of US$5,903 million, of which 79% is of international origin, led by North American companies. International capital amounts to US$4,642 million, 12% of the total accumulated foreign investment in the country.

Quality and technical jobs
The free zones have a presence in 28 of the 32 provinces, generating important contributions to formal employment and the well-being of Dominican households. In 2021, the sector closed with 183,000 jobs, which compared to 1.4 million formal employees, represents 13 out of every 100 formal jobs for the Dominican economy.

In some provinces, the incidence of free zones represents almost 1 out of every 4 formal private jobs. These employees directly impact 119,000 households, where 439,000 Dominicans live, and their income represents 64% of the total income of these households, including remittances, government transfers, among others.

Recent Articles

Related News

Leave A Reply

Please enter your comment!
Please enter your name here