Santo Domingo.- Economic Intelligence Inc., a consulting firm based in San Juan, Puerto Rico, along with its subsidiary in Santo Domingo, organized a forum titled “Trade and Investment Opportunities” between Puerto Rico and the Dominican Republic.
The aim of the event was to convene a gathering of business leaders and government officials to foster increased investment and trade between the two largest economies in the Caribbean.
Both countries boast a gross domestic product (GDP) of approximately $113 billion (RD) and $116 billion (PR), respectively. Bilateral trade between the two islands stands at around $1,200 million annually, with the current trade balance favoring the Dominican Republic at $400 million.
An analysis conducted by economists Ellen Pérez-Ducy, the manager of the Economic Intelligence subsidiary in Santo Domingo, and Gustavo Vélez, CEO of the San Juan-based firm, underscored the vast potential for expanding this exchange. They emphasized that significant growth could be achieved with the right strategies, led by the private sectors of both countries with support from their respective governments.
Former Governor Luis Fortuño inaugurated the forum, highlighting the opportunities for both neighboring islands to attract manufacturing and investments from the United States and Asia. This is driven by the need for “nearshoring” and the revival of the concept of twin plants.
On the Dominican side, the forum saw participation from key figures including Fabrizio Gomez from Proyipime, Vladimir Pimentel from Prodominicana, Luis Bencosme from Cardnet, William Calderón from the Dominican-Puerto Rican Chamber of Commerce, Luis Miura from Codopyme, and Jaime Moreno from various enterprises. They emphasized the necessity of implementing measures to facilitate logistics for sample shipments and promoting access to digital tools for MSMEs, crucial sectors in both economies.
From Puerto Rico, participants included Luis Fortuño, Agustín Rojo from the VRM Group and the Puerto Rico Builders Association, Herbert Lewy from Microsoft, Julio Cabral from VRDG Group, and Nelson Torres from the Commercial Office of Puerto Rico in the Dominican Republic. They highlighted the need for skilled personnel in Puerto Rico to supply the Dominican Republic and explored potential collaborations in waste management and construction projects.
The consensus among businessmen from both countries was that there are ample opportunities for collaboration in the technology industry and leveraging tourism marketing to attract new markets. They emphasized that both islands are natural partners for cultural and economic reasons.
Economist Gustavo Vélez stressed the importance of dialogue between the private sectors of both countries to increase trade and support economic growth, noting the Dominican Republic’s strong growth rate and Puerto Rico’s emerging growth post-hurricanes and bankruptcy.
Ellen Pérez-Ducy expressed optimism about the potential for business leadership and government cooperation to support trade integration, suggesting that Dominican businesses should strategically explore opportunities in the Puerto Rican market.
Nelson Torres urged Dominican businessmen to explore the tax incentives offered by the Puerto Rican government and expand their commercial and investment horizons. He emphasized that collaboration between businessmen and governments could unlock significant potential for increasing bilateral trade.