The government announces that foreign direct investment will exceed three billion dollars this year

Foreign direct investment will exceed three billion dollars this year, and recorded data indicate that the state acquired an investment volume of 1.17 billion dollars until July 2021.

A statement by the government refers to studies published by the Economic Commission for Latin America (ECLAC) that place the Dominican Republic as the first destination country for foreign direct investment (FDI).

“The pandemic has not reduced the attractiveness of the Dominican Republic to investors,” the government said in a statement.

He notes that forecasts indicate that the country could finish the year at around $3,362,310,173. “The origin of investment is as diverse as the productive sectors selected.”

“Proposals are coming to us from the United States, Spain, the Netherlands, Germany, France, Canada, Turkey, Mexico, Puerto Rico, Venezuela and El Salvador,” the statement said.

He says these countries plan to invest in tourism, telecommunications, energy, agribusiness, construction and entertainment.

He explains that in the sums raised, the Spanish tourism investment project of Noval Properties and the investment project in the energy sector of Ridge Partners Línea Noroeste stand out.

“Noval, recognized as one of the top real estate investment companies, plans to invest US$434 million. The US company Ridge will develop three energy projects, with an investment of US$225 million, to convert solid waste from 25 sites in the Northwest Line on diesel fuel.”

He says that the reasons for generating this appeal in the midst of the fight against the epidemic are related to the dynamism of the economy, political stability, social peace, and the commitment to the transparency of President Abenader’s administration.

“A report by BofA Global Research, a service of BofA Securities, the investment banking division of Bank of America, expects the Dominican Republic to grow by 10% in GDP by 2021,” the document adds.

The publication highlights that the successful progress of the national vaccination plan places the country with the potential this year to be among the few countries where the target population is fully vaccinated.

“Together with the growth of the US economy, the government’s expansionary monetary policy and the spread of positive sentiment from domestic businesses, are the favorable winds that will drive growth,” the government predicts.

He adds that this assessment of the economy is shared by the International Monetary Fund, which also expects a strong economic recovery this year.

“The fact that we are the largest economy in Central America and the Caribbean, have geographic proximity to the United States, distinctive natural wealth and a government that supports investment guarantees that will continue to collect exceptional numbers in terms of foreign direct investment,” concludes the document.