Valdez Albizu affirms great dynamism is registered in the main Dominican ports

The Central Bank of the Dominican Republic (BCRD) and the Association of Shipowners of the Dominican Republic (ANRD) reviewed the economy and the progress of the shipping sector, during a meeting headed by Governor Héctor Valdez Albizu and the president of said association Teddy Heinsen.

During the meeting, held at the Central Bank, Heinsen stressed that macroeconomic stability has allowed the Dominican shipping sector to operate with positive results, despite the pandemic and global transport and logistics difficulties.

He pointed out that, as a result of the certainty and confidence that the country exhibits, there has been a high dynamism in the main Dominican ports, both in terms of imports and exports.

He considered that, due to the favorable economic conditions and a privileged geographical location, the Dominican Republic is prepared to become a great logistics HUB in the Caribbean, with world-class ports, state-of-the-art equipment, trained human resources and above all, legal security and a climate of social peace.

Heinsen took advantage of the meeting to ask Valdez Albizu for the collaboration of the Central Bank in order to have more detailed statistics on the contribution to the Gross Domestic Product (GDP) of cargo and transport logistics, including warehousing and warehousing services, to help them to better plan your investments and expansion of operations.

Before this request, the governor promised to attend the request to achieve a greater disaggregation in the presentation of the results of the Transportation and Storage activity, which currently represents 8.3% of GDP, in its various components, such as land transportation services of passengers, land freight transport and logistical support services including storage and handling of goods, among others.

Valdez Albizu pointed out that the moment is ideal since currently the department of National Accounts and Economic Statistics of the BCRD is working on changing the reference year of the national accounts, where an exhaustive statistical operation is carried out to improve the coverage and precision of the estimates of the Gross Domestic Product.

He added that with the collaboration of the Association of Shipowners of the Dominican Republic (ANRD) and the General Directorate of Customs (DGA), a detailed study of each of the stages in the services of the logistics chain and the linkages and interactions of the Transport and Storage activity with the rest of the economic activities, especially with the Local Manufacturing and Free Trade Zones, which constitutes one of the most important preliminary steps required for the elaboration of a satellite account.

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Governor Valdez Albizu congratulated the ANRN board of directors for their institutional achievements and their contribution to the economic recovery of the country through an activity of vital importance such as the transport and storage of merchandise. He reiterated that the Dominican economy is on the right track and reported that everything points to the country closing the year 2021 with growth of around 11%, one of the highest in Latin America.

He recalled that the BCRD and the Monetary Board have taken specific actions to contribute to the economic reactivation during the pandemic, citing among them the facilities for RD $ 215 billion pesos that favored more than 95 thousand credit subjects, including large companies. , mid and small businesses and individuals.

He also mentioned the reduction in interest rates and the stability of the exchange rate, as factors that contributed to the revitalization of the different productive sectors of the country.

Valdez Albizu highlighted that the country has achieved international reserves of more than RD $ 12.5 billion dollars by October, equivalent to 6.3 months of imports and 13.4% of GDP, above the metrics of three months of imports and 10% of GDP suggested by the International Monetary Fund. “This strengthens the fundamentals of the Dominican economy,” said the governor.

He highlighted the great work carried out by the government of President Luis Abinader, especially in the successful management of health to face the pandemic, the recovery of employment and the dynamism of the tourism sector.

At the meeting, Heinsen was accompanied by the executive vice president of ANRD Odile Miniño, Alexander Schad and Jaak Rannik, vice presidents, Gustavo Tavares past president, and Erik Alma, Gabriel Rodríguez and Ramón Badía, members.

On behalf of the Central Bank, the Vice Governor Clarissa de la Rocha de Torres, the Government Advisor Julio Andújar, the Deputy Manager of National Accounts Ramón González, Joel González, director of monetary programming, and Carmen Lucía Sánchez, consultant of the International department, were present.

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