Urgent need to establish a road connecting Santiago to the Southern Region

The Association of Industrialists of the Northern Region (Airen) urged the establishment of a road connecting Santiago with the Southern Region and considered that connectivity between the provinces is one of the country’s main challenges.

He also asked for a better connection between Santiago and Monte Cristi and a new road to communicate Santiago with Puerto Plata.

The entity’s president, Juan Ventura, affirmed that connecting the Northern Region with the South should be a priority because it increases the intra-regional commercial exchange and considerably reduces costs and time.

He stated that fundamentalism should be left aside and that no construction project does not affect the environment. He urged to look for a middle ground and resume the Santiago-San Juan de la Maguana highway construction.

Christian Reynoso, vice-president of Airen, emphasized that now that the development of the Southern Region as a tourist pole is being promoted, the importance of the connectivity of these provinces should be considered because this would lead to significant development, creation of companies, an increase of employment and decrease of logistic costs.

“If there were a Santiago-South connectivity we would be closer to the border posts and our second trading partner is Haiti. And now we have to get to the Capital and then to the border. In other words, Santo Domingo, which is a headache, is also decongested”, he said.

Monte Cristi – Santiago
Ventura expressed that it is a headache for this highway, which has 73-speed bumps (lomos) or “lying policemen” on the Santiago-Navarrete street to Monte Cristi.

He said that they have discussed it many times with President Luis Abinader and hopes that their claims will be heard because that is vital for the seaport of Manzanillo.

“You cannot have development with anachronisms and if you want to develop Monte Cristi you must make that road and eliminate those 73 stops that increase fuel and brake costs and others,” he said.

He added that this road would connect Manzanillo with other provinces of the Northern Region.

Santiago – Puerto Plata Highway
While participating in the Economic Meeting of HOY, the directors of Airen also expressed that they are looking forward to making this “Amber Highway” a reality to connect these provinces in 30 minutes.

Ventura emphasized that there are three cruise ports in Puerto Plata, and others are under construction.

He indicated that the province could not receive so many tourists, so it is urgent to expand to other provinces of the Cibao where there is a diversified and complementary tourist offer.

He said that this access road is vital as a link between tourism, agribusiness, industry, and communities in the Northern Zone, and it is a priority to create this synergy.

Economy is indicated as the area of the greatest achievement of the Government

More than half of the 79 pages of the third Accountability speech were dedicated to reviewing what the Government considers achievements in economic matters in the current administration of President Luis Abinader. The president began by outlining the annual growth of 4.9% of the gross domestic product (GDP) obtained in 2022, growth that he said is higher than the average for Latin America and that the country has surpassed Ecuador in GDP, adjusted for purchasing power parity, which makes it the seventh largest economy in Latin America. He outlined that the level of international reserves closed in 2022 at US$14,436 million and the currency appreciated by 2%, contrary to the depreciation observed in other countries.

The president also highlighted foreign direct investment, which he said had unprecedented figures with more than US$3.95 billion for a growth of 27% compared to 2021. He pointed out among the achievements of his management the reduction of public debt interest payments by RD $ 5.5 billion, as a result of the appreciation of our currency and the liability management operation. At the end of 2022, the consolidated debt with respect to GDP was 59.1% and he said that “when we took office in August 2020, this indicator was 61%.” The president spoke of the growth in collections by 15.3% and that these resources have been used to protect the purchasing power of workers. “We have allocated RD$240 million daily just to protect Dominican families,” said the president in his speech.

He said that the government’s fiscal policy actions, combined with the necessary and timely restrictive monetary policy measures, managed to reduce inflation, but he did not specify how much it is currently. He indicated that the economic scenario that the country is experiencing has led to a new milestone that puts it closer to Investment Grade, after the risk agency Standard & Poor’s improved its credit rating, raising it from “BB-” to “ BB”. He reviewed the achievements of Banco de Reservas, an entity that he said has a 38% share in the financial market; from Refidomsa, with US$63 million in benefits in 2022, and from Punta Catalina, which he exposed, reported more than US$220 million in dividends and a record production of 4,701 GW/h of energy, becoming one of the most efficient plants in the system.

Puerto Plata, in the sights of investors motivated by Business Forum

The Puerto Plata Business Forum, to be held from March 7 to 8 at the Blue JackTar hotel convention center, will host a delegation of business people from Puerto Rico, Canada, and the United States, as well as from different parts of the DR, have confirmed their participation in the business meeting that seeks to promote investment opportunities in the northern region.

In this regard, Mileyka Brugal, president of the Chamber of Commerce and Production of Puerto Plata and the Industrial Free Zone of the province, reported that the vice president of the Republic, Raquel Peña, and the Canadian ambassador, Christine Laberge, among other personalities, have confirmed their presence at the event.

“Puerto Plata is in the sights of investors, interested in being part of the moment that our region is living, in the business opportunities that are created from the growth experienced by our cruise industry and, above all, the large number of projects being implemented by both the public sector and the private sector,” he said.

He indicated that “it is the best moment to take advantage of the investment opportunities offered by the Bride of the Atlantic, a province that has the adequate infrastructure to invest in any business area, with ports, airport, financial and logistic structure for all kinds of undertakings.”

The conference will feature presentations by the executive director of Prodominicana, Biviana Riveiro, as well as the general director of Public-Private Partnerships, Sigmund Freund, economist Emile de Boyrie, Daniel Liranzo, executive director of the National Council of Free Zones, Miguel Angel Jimenez of the Free Zone Council of Puerto Plata, Carlos Veras businessman who promotes a sustainable alternative in the production of footwear and Gerardo González Núñez, author of the book, Tourism in the Caribbean, present and future, among other speakers.

Different projects and investment opportunities will be presented during the day, generating spaces for the coordination of interviews between promoters and investors in each initiative to be shared at the forum.

Tobacco exports reached 1.236 billion dollars

Santiago. The country’s tobacco industry and its derivatives, such as premium and machine-made cigars, had record exports last year, reaching US$1.236 billion, with a growth of more than US$200 million.

This increase was due to the demand for the product due to the shortage of Cuban cigars and the pandemic period, which caused many people to look to the aromatic leaf for emotional support and mental health, according to businessman Hendrik Kelner, president of the Association of Cigar Producers of the Dominican Republic.

The businessman interviewed Hoy reporters in the framework of the inauguration of the fifteenth version of the international Procigar Festival in Central Park here.

Ministry of Economy reports reduction of monetary poverty in the Dominican Republic

According to estimates by the Interinstitutional Technical Committee on Poverty, the general monetary poverty rate was reduced by 2.1 percentage points in 2022. Despite the inflationary scenario, the economic and employment recovery reduced the number of people and households in general monetary poverty.

The Minister of Economy, Planning and Development, Pavel Isa Contreras, announced that, despite the inflationary scenario, at the close of 2022, monetary poverty in the country was reduced by 2.1 percentage points concerning 2021.

“Estimates made by the Inter-Institutional Technical Committee on Poverty Measurement indicate that overall monetary poverty in the Dominican Republic went from 23.9% in 2021 to 21.8% in 2022, for a reduction of 2.1 percentage points,” he said.

He added that in plain terms, despite the aftermath of the pandemic and international inflation, 200,000 Dominicans increased their income and acquired a basket of essential goods and services that allowed them to live decently, something they did not achieve in 2021.

This behavior resulted from the Dominican economy’s good performance during the year and increased employment. Particularly noteworthy was the fourth quarter, where he said a general monetary poverty level of 19.6% was recorded, the lowest ever observed in the country, representing a milestone.

“That reduction in monetary poverty levels was the result of the strong increase that was verified in employment and in people’s labor income due to the economic growth observed and the impact of the increase in government monetary transfers to poor or vulnerable households through Supérate.”

According to estimates by the Interinstitutional Technical Committee on Poverty, the reduction in overall monetary poverty would have been 3.6 percentage points higher had it not been for the higher-than-normal inflation experienced in 2022 due to increases in international prices of hydrocarbons, food, and raw materials. In other words, had it not been for this external factor, 340 thousand of people would have overcome monetary poverty.

According to Isa Contreras, these figures are consistent with the behavior of the Dominican Republic’s labor market, which shows a drop in unemployment and an increasing trend in formal jobs during 2022, indicating the country’s good economic performance after the pandemic. According to MEPyD estimates, this performance will continue to be favorable by 2023. However, the informality rate remains high, representing a challenge to improve the working conditions of employed people, as in the rest of the region’s economies.

The minister reiterated, however, that these promising results are not enough and emphasized the government’s commitment to redouble efforts to leverage economic growth further to improve people’s quality of life by accelerating the creation of decent jobs, improving the quality of public services, and tackling inequality.

About the bulletin

In the coming weeks, the Ministry of Economy, Planning and Development (MEPyD), in coordination with the National Statistics Office (ONE) in the framework of the Inter-Institutional Technical Committee on Poverty, will be releasing the Official Statistics Bulletin on Monetary Poverty, which will present in greater detail the evolution of poverty in the Dominican Republic for the period 2000-2022, with emphasis on 2021-2022.

Abinader inaugurates second stage of Taino Bay cruise port in Puerto Plata

Puerto Plata. – President Luis Abinader led the inauguration of the second phase of the Taino Bay tourist and cargo terminal, with an investment of more than USD 15 million.

Upon his arrival, the president stopped to greet tourists of various nationalities at the terminal, which received two cruise ships with more than 8,000 passengers this Friday.

During the ceremony, President Abinader highlighted that the Dominican Republic is on its way to becoming the Caribbean country with the most cruise tourism, with 1,311,000 passengers in 2022 and a projection of almost two million by 2023.

He also highlighted three other cruise port projects developed in Samaná and Cabo Rojo to consolidate the tourism sector further. To this, he added that between the Port Authority and the Ministry of Tourism, the bidding process for a tourist pier in Barahona, which will complement Cabo Rojo in Pedernales, has already begun.

“We are supporting all initiatives, we are pro-business, we are pro-jobs, and we are pro-development,” emphasized the governor.

Second stage of Taíno Bay

With this second stage, more than 450 direct jobs will be added to the port, as well as a drop-off area for passengers, two restaurants, 26 commercial establishments, a swimming pool with a bar, a lazy river as a recreational space, and three bars.

This will provide more and better amenities for cruise passengers and help maintain the dynamism and potential of tourism in the province and the entire region.

Taíno Bay has attracted a large number of passengers, exceeding 300,000 in 2022 and projecting another 750,000 for 2023, “with an income of more than 100 million dollars for the region,” said Mauricio Hamui, CEO of ITM and Taíno Bay.

Seven cruise lines arrive at this terminal, with three berths and a capacity for some 14,000 cruise passengers.

Third phase announced

Hamui also announced that together with the Ministry of Culture, they are working on the third stage of the port, for which the infrastructure of the San Felipe Fortress will be rehabilitated.

He also indicated that the port would open its facilities for the enjoyment of the families of Puerto Plata on Sundays when there are no cruise ships.

Eight cruise terminals by 2025

By 2025, “the Dominican Republic will go from 3 to 8 cruise terminals, 3 of which already receive Oasis type cruise ships,” said the director of the Dominican Port Authority, Jean Luis Rodríguez.

“We received in 2020 three cruise terminals that were not operating due to the COVID-19 pandemic, and only one of them had the capacity to receive Oasis-type cruise ships. Today we have Taíno Bay, with two stages in operation, we are building Samaná Bayport and Port Cabo Rojo, in project together with the DGAPP, we have Arroyo Barril, and we are working on a proposal for Barahona.”

Meanwhile, the general manager of Banco de Reservas, Samuel Pereyra, said that “this work conveys a message of solidarity to the Government and private enterprise, of commitment, confidence and optimism in them, and with their current clients and potential investors in the sector.”

Also present were the Administrative Minister of the Presidency, José Ignacio Paliza; Minister of Tourism, David Collado; Minister of Culture, Milagros Germán; Minister of Industry and Commerce, Víctor “Ito” Bisonó; Governor Claritza Rochtte; Senator Ginette Bournigal; Mayor Diómedes Roque García, and Vice Minister Igor Rodríguez.

Also present were the director of Public-Private Alliances, Sigmund Freund; the president of the Board of Directors of APORDOM, Alejandro Campos; and Vice Admiral Ramón Gustavo Betances, DR Navy, among others.

Government delivers works in Santiago and Moca for more than RD$ 2.53 billion

President Luis Abinader was in Santiago and the municipality of Moca, Espaillat province, on Saturday, where he inaugurated two highways and delivered 110 apartments, works that had an investment of more than RD$2.53 billion.

In Santiago, according to a press release from the President’s Office, the President delivered 110 new apartments in the Mi Vivienda Los Salados project for 320 apartments provided in that locality.

While inaugurating the housing project, Abinader highlighted the importance of housing to dignify and improve the quality of life of families.

“The important thing is that today 110 new families are going to find a dignified life in this project, which is one of several that the government is executing in this province,” he said.

You can read: Civic and evangelical spokesman believes President Abinader must govern “with a single agenda.”

Moca-Salcedo Highway
President Abinader inaugurated the road that connects Moca with the municipalities Salcedo and Tenares in Hermanas Mirabal province, built at RD$168 million.

According to the document, this work directly impacts more than 480 thousand people residing in these provinces. In addition, it indirectly affects La Vega, Santiago, and Duarte due to the traffic flow and the productive and commercial linkages it has for the whole region.

Mirabal Monument
Also on Saturday, Abinader inaugurated the road La Cumbre – Monumento a las Hermanas Mirabal-Tamboril-Guazumal at RD$858 million, which will allow to relaunch the development of tourism in Puerto Plata and improve the road communication of Santiago de los Caballeros.

The road is part of the Gregorio Luperón Tourist Highway circuit and has special significance due to its historical transcendence, where the Mirabal sisters were assassinated.

Abinader also initiated an extensive road construction plan connecting La Vega, Santiago, and Santiago Rodríguez, for an investment of more than RD$7 billion.

Government plans to obtain private capital for US $ 570 million for tourism in Pedernales

The Executive Director of the General Directorate of Public-Private Alliances (DGAPP), Sigmund Freund, reported that they already have three important consortiums that are interested in investing in the tourist development of Pedernales, in which the government intends to obtain US $ 570 Millions in private capital. He explained that the three consortiums, two are international and the other premises, paid for the right of participation, and have until March 15 to deposit all the financial documentation, validate it and then enter the phase of presenting an economic proposal. “We are concluding the process of searching for a private partner to complete the development of the first stage of Cabo Rojo, with the intention of investing about US $ 570 million from private capital in the next four years and it is of great joy to inform you that we already have with the demonstration of interest of three important consortiums, and we can soon announce which has been chosen to develop in a society with the Dominican State this great project that will mark the tourist history of the country, ”he said.

He also stressed that at the beginning of March, they will begin the construction of the third hotel in Cabo Rojo, of the nine that are contemplated in the first stage of this project. In that sense, he recalled that at the beginning of this month, together with President Luis Abinader, they worked on the construction of the first two hotels, according to accent.

In addition, he stressed that in a few weeks, the tender of the Pedernales International Airport will begin, which will be built in the municipality of Oviedo, where the work accelerate to conclude the internal roads of the project, the hydrosanitary works, advance the aqueduct, the treatment plant and the electrical substation.

Government opens new Haina aqueduct after more than 30 years of waiting

After more than 30 years of waiting, the new aqueduct of the municipality of Haina, San Cristóbal province, was inaugurated. The work executed with an investment of RD $ 420 million pesos, will positively impact residents in Villa Penca, Villa Elisa, Bersequillo, Piedra Blanca, and Barrio Concepción, among others. When heading the act, the Vice President of the Dominican Republic, Raquel Peña, together with the Executive Director of the National Institute of Potable and Sewer Water (INAPA), Wellington Arnaud, stressed that this aqueduct is a crucial investment for the area, since it will provide access to safe and reliable drinking water to thousands of people in the community.

In addition, he said, it will help improve the quality of life and promote economic growth and sustainable development, since water is a right that must be managed with adequate planning and with the necessary investments to preserve it. “In this sense, President Luis Abinader, since the beginning of his mandate has arranged the necessary investments throughout the national territory to lay the foundations for a serious, rigorous, and long-term policy. Access to water and a good service corresponds to one of the inalienable tasks of our government, ”said Peña.

The vice president said that in this way they are ensuring complete coverage of drinking water, having this good in conditions of quantity, quality, and service, as it should be and as people deserve.

World2fly line Madrid-Santiago flights approved

The Civil Aviation Board (JAC) approved the request for a special permit from the Spanish airline World2fly to operate the Madrid / Santiago de los Caballeros / Madrid route. The airline’s operating permit through the Cibao International Airport was approved during the fourth ordinary session of the JAC held yesterday. World2Fly is a passenger airline from Spain that was established in 2021 and based in Palma de Mallorca.

The airline focuses on flights to long-distance destinations in the Caribbean and is owned by the Iberostar Hotel Group, a company whose previous holdings included another airline, Iberworld, created on April 11, 1998, also by the Iberostar group. Their destinations include Punta Cana, Cancun, and Havana. World2Fly operates from Adolfo Suárez Madrid-Barajas Airport in Madrid, Spain, and Lisbon Airport in Lisbon, Portugal. During the ordinary session of the JAC, a request from the Arajet airline was also known, to include the Santo Domingo/Newark/Santo Domingo and Santo Domingo/Stewart/Santo Domingo routes.

The JAC also heard the request from the foreign air operator Air Caraibes, to operate the Paris, Orly/Port-au-Prince/Punta Cana/Paris, Orly route.

Tourism fair dedicated to the Dominican Republic in Colombia

The president of Colombia, Gustavo Petro, led the formal opening ceremony of the Anato 2023 tourist showcase that takes place from the 22nd to the 24th of this month. The Dominican Minister of Tourism, David Collado, and his Colombian counterpart Germán Umaña Mendoza participated in the ribbon-cutting of the fair’s stand dedicated to the Dominican Republic as the guest country, which seeks to promote the destination of Santiago and the northern zone. President Petro attended the activity where he highlighted the importance of these events for Colombia. Prior to the ribbon cutting, the Minister of Tourism, David Collado, promised the CEO of Arajet, so that the Cibao International Airport has two weekly flights to Colombia, with a direct Santiago-Bogotá route.

Before the announcement, the businessman José Clase said that he spoke with the businessman Félix García, president of the board of directors of the air terminal and he told him that he would provide all the necessary facilities for the new route. Engineer Manuel Estrella spoke on behalf of the businessmen of Santiago, who in his presentation highlighted the economic growth of the Dominican Republic in recent years. He maintained that the Dominican Republic has built political stability, legal security, and a stable property regime.

When talking about the benefits of the province of Santiago for tourism, he recalled that this city, as the center of the North region, has an impact on three million inhabitants and with a united business community that has built hotels, an airport, a model health center in the Caribbean and Central America.

Abinader enacts laws to develop ecotourism in three provinces

According to a press release from the Presidency, the rules provide important incentives for the promotion of ecotourism in the provinces. The case of Law number 8-23 declares the Duarte province as eco-tourism to ensure the conservation and sustainable use of natural resources, as well as the promotion of cultural manifestations for the benefit of its communities’ economic and social development. The law creates a Duarte Province Ecotourism Development Council and an executive director for these purposes. “The first will be the governing body for promoting and regulating ecotourism activities in the province and the second will be in charge of executing such policies. “The law establishes a provincial fund for ecotourism development and directs the General State Budget to set aside 60 million pesos per year for the two years following its promulgation,” according to one of the law’s recitals.

While Law No. 9-23 modifies Law No. 77-02, enacted on July 19, 2002, and establishes the province of Hato Mayor as an ecotourism province, to adapt the integration and functionality of its organs rulers, and executors. Similarly, it directs the General State Budget to set aside 20 million pesos per year for compliance with the provisions of the law. The province of El Seibo has been designated as a tourist pole by Law number 10-23, in addition to its previous designation as an ecotourism province by Law number 511-05, enacted on November 22, 2005.

As a result, the incentives envisioned in Law number 158-01, enacted on October 9, 2001, to promote tourism development, must be implemented. “In recent decades, ecotourism has experienced a significant boom due to societies’ adaptation to new forms of tourism, sustainability, and environmental development,” the Presidency stated.

How to manage your property in the Dominican Republic and relax

Foreigners with rental property investments in the Dominican Republic typically hire a rental management company to oversee their property. This is advisable, especially if you’re not living full-time in the Dominican Republic..

The management company will handle everything, including marketing, booking reservations, collecting rent, check-in and check-out, cleaning, and maintenance. The only thing you would do is collect your rental income.

A growing number of companies in the DR provide this type of service. Some real estate agencies may offer rental management. And, lately, more and more real estate developers are offering this service in-house for their residents.

For investors who own property in large hotel resort communities that are part of the rental program, the hotel operators will pass on guests to your residence if their hotels are overbooked.

The rental management fees range from 15% to 25% of the nightly rate. For example, if you were renting your unit out at $100 per night, you can expect to collect between $75 and $85 net.

Even if you are not planning to rent your property, you should have a property manager. Anything can happen to your property while you’re away. The roof could cave in, or the water heater could malfunction. You do not want to show up to a disaster after being away for a few months.

The property manager will check your home weekly to ensure the doors are locked and nothing is broken or damaged. They would handle pest control, cleaning, standard maintenance, repairs, and landscaping.

Buying real estate in the DR or anywhere outside your home country is a significant investment, and if you’re not there full-time, you should have a property manager looking after your asset.
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Maria Abreu is the CEO and Managing Attorney of Abreu & Associates, a law firm practicing exclusively in Dominican Republic Immigration and Nationality law. She is also the founder of Retire and Invest DR. This organization hosts conference events for foreigners interested in living, retiring, and investing in the DR. You can contact Maria at: mabreu@abreuimmigration.com.

Tourism works to sell Santiago as a destination for Colombians

Colombia has become the third country that sends tourists to the Dominican Republic. It is estimated that a total of 290,000 Colombian tourists arrived in the Caribbean nation in 2022. According to information, Colombia has surpassed nations like Germany and Spain, which were traditional tourists. The projection that the Ministry of Tourism has is to end the year with 7.6 million tourists in 2023 that will arrive in the Dominican Republic. In January, 674,737 tourists and 273,845 cruise passengers arrived for a total of 948,582.

Given the influx of Colombian tourists, the Ministry of Tourism has focused on selling the destination Santiago. Tomorrow, Wednesday, the tourism fair “La Vitrina de Anato” will be open, and the Dominican Republic is the guest country. The fair is held in an area called “Corferias”. The Dominican Republic will have its stand in Hall 17. The Ministry of Tourism has advanced that as part of its promotion, they will emphasize selling Santiago as a destination, as well as the North Coast.

In 2022, Colombia received the visit of 88,139 Dominicans for tourism, events, and trade purposes, while the Dominican Republic hosted for the first time the number of 293,564 Colombian tourists, according to data from the Colombian Tourism Association and the Central Bank of the Dominican Republic, respectively.

Government invests more than RD$150 million in adaptation of beaches in Barahona

President Luis Abinader and the Minister of Tourism, David Collado, inaugurated two vendor plazas and an access road that involve three of the main beaches in Barahona, with an investment of more than RD$150 million. The new works delivered in the province are the reconstruction of the Vendor’s Plazas on Los Patos and El Quemaíto beaches; the reconstruction of the Riocito-Playa Saladillas access road and the construction of sidewalks on both sides of this section in an extension of the 2.2 kilometers. These projects have been designed and planned by the Executing Committee for Infrastructure in Tourist Areas (Ceiztur) and within the National Beach and Spa Equipment Program implemented by Mitur throughout the country.

President Abinader highlighted the impact that the recovery of these beaches will have on tourism in the South region. He also said that the interventions are part of the effort being made by the government to boost tourism in that region and improve the living conditions of its inhabitants. Meanwhile, Collado expressed his pride and satisfaction at handing over completely renovated vendor plazas on the main beaches of the baptized Perla del Sur, which from now on will have a positive impact on the economies of its people, and to the delight of those who visit them with more order and security.

He specified that “with this new arrangement in the most popular and tourist beaches here, our promise to turn every corner of the country into a long-awaited and diversified tourist destination is reaffirmed and fulfilled once again.”

Foreign direct investment in the Dominican Republic totaled US$3.8 billion in 2022

Foreign direct investment (FDI) flows in the Dominican Republic would have reached the historical amount of US$3.8 billion during 2022, thus exceeding the levels of 2021 by 22.57%, of 2019 by 25.85%, and its highest amount registered in 2017, (US 3.5 billion, 6.5%). In fact, already in September of that year, according to data available on the portal of the Export and Investment Center of the Dominican Republic (ProDominicana), they had exceeded the amount of 2021, reaching US$3.1 billion, an additional US$779.1 million (32.3 %) compared to that period a year earlier. The flow presented that year, as indicated, was driven mainly by investments in the tourism (US$759.2 million), energy (US$687.3), and Commerce and Industry (US$524.1 million) sectors.

In this sense, the CARD Region Balance of Payments reports, as of the third quarter of 2022, from the Central American Monetary Council (CMCA), highlights that the communication sector had an outstanding pace in the country, adding US$168.1 million in foreign investments. This is a sector that for several years presented negative indicators. During 2022, the United States remained the country with the largest issuer of investment to the Dominican Republic, surpassing other countries by more than 1,000%. It added US$1 billion in the first nine months, while Mexico registered US$290.1 million, followed by Canada with US$265 million, and Spain with US$247.6 million. British Virgin Islands complete the five nations with the highest amount injected with US$235.8 million.

At the regional level, net Direct Investment (ID) flows (acquisition of financial assets minus net incurred liabilities) from Central America and the Dominican Republic (CARD) totaled US$7.8 billion (2.9% of regional GDP). The amount is higher than the ID captured during the same period of 2021 (US$6.9 billion, 3.0% of GDP). Meanwhile, foreign direct investment by directional direction received accounted for US$8.1 billion (including intraregional investments), an amount 6.1% higher than that registered in the same period of 2021 (US$7.6 billion). Likewise, it is basically due to the increase in ID captured by the Dominican Republic, Honduras, and Nicaragua.

Miami, chosen to hold Expo Dominican Business, Tourism, Real Estate, and Investment Fair

Sixty companies and institutions, with their various products and services, will participate next Friday, February 24, and Saturday, February 25 in the “Business, Tourism, Real Estate and Investment Fair Expo”, organized by the International Chamber of Business and Tourism of Florida. The attendance of 2,000 visitors of different nationalities is expected. The president of the Chamber, Pedro Díaz Ballester, reported that the event will take place at the Miami Airport Convention Center, from 11:30 a.m. to 7:30 p.m. on Friday, and from 10:00 in the morning on Saturday, commemorating the 179th anniversary of national independence and the thirty years of that organization being founded. He stated that important figures will meet at the activity, which includes holding conferences and presenting investment opportunities, documentaries, networking, as well as other events within the program of activities that will take place during those two days.

The Expo Fair will be broadcast live on Teleuniverso, TV Quisqueya, TV Hispanic, and La Nota Latina (covering the Dominican Republic, Florida, New York, Puerto Rico, and other areas). The participating companies and institutions belong to various sectors of the dynamics of international trade, real estate, tourism, agribusiness, and food, among others. The president of the International Dominican Chamber of Business and Tourism pointed out that they seek to bring together buyers with sellers, as well as investors interested in acquiring goods, products, services, or partners. Diaz Ballester indicated that the Dominican Republic is one of the main countries in economic growth in the Americas, which is an important factor in attracting foreign investment, not only because it is a traditional exporter of coffee, sugar, and tobacco, but also in sectors such as tourism, telecommunications, construction, health, and free zones, which diversify the local offer.

The event is sponsored by The Miami Herald, El Nuevo Herald, Noval Properties, Miami-Dade Aviation Department, Banreservas, Tropical Shipping, DPWorld, Gus Machado Ford, Seguros Reservas, Sora Global Insurance, Induban, Biscayne Bay, Caribtrans Logistics, PARMIM Investments, among others.

Peso appreciation trend returns

The exchange market resumed the path of appreciation of the Dominican peso, a trend that during 2022 represented a revaluation of the national currency against the US dollar. According to information from the exchange market, last week there were wholesale operations with rates below RD$56.00 per dollar, both for purchase and sale. During 11 months last year, there was a marked trend towards the base of the exchange rate in the foreign exchange market, which was not greater because the Central Bank intervened by buying dollars to avoid further falls that could affect the profitability of the generating sectors. Until the end of November, the dollar was trading in a range of RD$55.00 to RD$56.00 per dollar. After the first fortnight of December, there was a slight slide in the rate and it was placed over RD$56.00. This increase was attributed to demands by importers to cover debts with their foreign suppliers of raw materials and final goods purchased for Christmas and before Black Friday.

In general, the revaluation of the Dominican currency against the United States was 2.0% during the past year 2022, according to calculations made by the Central Bank of the Dominican Republic. Already in the first month and a half of this year, the appreciation is around 1.13%. After the slide of the last five weeks of 2022, the exchange market has once again reflected falls in the dollar exchange rate. The inflow of foreign currency continues to boom. Last January the inflow of remittances was US$802 million, a figure slightly higher than that registered in the same month of the previous year. According to official calculations, so far this year, the Dominican peso has appreciated 1.69% against the US dollar. This behavior is due to the greater availability of foreign currency in the local market as a result of the increase in the flows of remittances received during the month of January, equivalent to a 5.6% (US$42.7 million) increase compared to 2022.

The increase in the flow of foreign currencies is also associated with more favorable financial conditions that have generated incentives for local and international institutional investors to allocate their capital in instruments denominated in local currency. An expert in the matter commented that in particular, this behavior is evident in the wholesale market segment, whose prices have experienced a decrease in the currency of up to 63 cents of Dominican pesos since the beginning of the current year, generating an accumulated appreciation of 1.13% in 2023. In its most recent monetary policy report, the BCRD, when referring to aspects of the external sector of the economy, said that “activities that generate foreign currency (tourism, national exports, and free zones, remittances and foreign direct investment) have maintained a performance positive, contributing to an appreciation of the Dominican peso of around 2.0% in 2022”.

Abnormal swell alert maintained and passing rains forecast for this Sunday

Santo Domingo, DR
The National Meteorological Office (ONAMET) maintains alerts for abnormal winds and waves for coastal waters of the Atlantic and the Caribbean Sea this Sunday.

In this regard, ONAMET recommends operators of fragile, small, and medium-sized vessels on the Atlantic Coast stay in port from Cabo San Rafael (La Altagracia) to Cabo Francés Viejo (María Trinidad Sánchez) due to high winds and abnormally large waves. From Cabo Francés Viejo to Manzanillo Bay, they should navigate with caution without going out to sea.

Likewise, the entity asks operators on the Caribbean Coast, from Beata Island (Pedernales) to Paraíso (Barahona), to remain in port, while for the rest of the coast, it urges to navigate with caution near the perimeter without venturing out to sea.

High humidity is also forecast due to the influence of a high-pressure system that dominates the meteorological conditions over a large part of the national territory. In the report, Onamet announces a weak trough that could cause passing rain during the next 48 hours.

As for temperatures, they will remain cool and pleasant during this night and early morning.

Local forecast

In Greater Santo Domingo, minimum temperatures will range between 19?°C and 21°C and maximum temperatures between 29 °C and 31 °C.

Norwegian, the first cruise line to bet on Cabo Rojo

Cabo Rojo-Pedernales, is already in the offer of essential cruise lines, as is the case of Norwegian Cruise Line, an American-Bermudian cruise line subsidiary of Norwegian Cruise Line Holdings, based in Miami-Dade County, Florida.

The company offers on its website, for January, March, and April 2024, the route of its cruise ship Norwegian Sky, with the offer “Caribbean: Barbados, Curacao & Aruba,” for nine days, departing from La Romana and touching the ports Cabo Rojo-Pedernales, Wilemstad-Curacao, Oranjestad-Aruba, Kralendijk-Bonaire, St. George’s-Grenada, Bridgestone, St. George’s-Grenada, Bridgestone and Aruba. George’s-Grenada, Bridgetown-Barbados, Castries-St. Lucia, Tortola-British Virgin Islands, and returning to La Romana.

The executive director of the General Directorate of Public-Private Partnerships (DGAPP), Sigmund Freund, pointed out that “the fact that a company of the category of Norwegian Cruise Line has already identified Cabo Rojo and is scheduling it within its trips starting in January shows that the project promoted by the Government is a reality and that its potential is already being seen internationally.”

He added that this complements or helps the commercialization of the projects that will come with the hotel part since, in his opinion, this will consolidate the project and give it recognition in the international tourism markets and assured that this would also favor the arrival of tourists by air.

“This begins the international recognition of Cabo Rojo as an exotic and attractive tourist destination for the North American market.

According to the cruise line’s website, the regular cost of this voyage is 1,518 dollars per person; however, at the time of this article, they had an offer of 759 dollars and free airfare for a second guest.

“Swap the glitzy resorts, bustling boardwalks and urban centers of other Caribbean ports for the refreshingly untamed landscapes of Pedernales province. Located in the southwestern corner of the Dominican Republic, near the border with Haiti, this region is a dream destination for nature lovers. Travel from its pristine beaches, lagoons and mangroves that adorn the coastline to the imposing mountains and hidden caverns that invite you to linger in this region. Whether for hiking, diving, kayaking, bird watching or sunbathing, discovering your corner of paradise in the province of Pedernales will be very easy,” says the company in its motivation to encourage cruisers to get to know the new destination.

Norwegian Cruise Line is among the best cruise lines, with Readers’ Choice Awards since 2003 and other awards obtained during almost two decades of excellent service.