AERODOM secures $940 Million financing for airport improvements

Santo Domingo.- Aeropuertos Dominicanos Siglo XXI (AERODOM), a subsidiary of VINCI Airports, successfully closed a $940 million financing deal on July 9, 2024. The funding comprises a $500 million global bond issue and a $440 million credit agreement.

The funds will be used to fulfill the obligations of the Renewed and Reformed Concession Contract enacted in December 2023, extending AERODOM’s administration and operation of six state airports until 2060. Under this contract, AERODOM agreed to make an initial concession payment of $775 million to the Dominican State and committed to airport improvements, including constructing a new terminal at Las Américas International Airport, José Francisco Peña Gómez in Santo Domingo.

The credit facilities were arranged by Banco Popular Dominicano, S.A. – Banco Múltiple, Banco Latinoamericano de Comercio Exterior, S.A., New York Agency, Citigroup Global Markets Inc., JPMorgan Chase Bank, N.A., Popular Bank LTD. INC., and The Bank of Nova Scotia. JPMorgan, Citigroup, and Scotiabank coordinated the bond placement.

“We are very pleased to have made the second payment of the concession fee to the Dominican State to complete the commitment of $775 million, and at the same time, to be in the process of executing the agreed improvements for Las Américas International Airport, including the upcoming construction of the new terminal. Without a doubt, VINCI Airports, through its subsidiary AERODOM, is consolidating its position as one of the largest investors in the Dominican Republic,” said Mónika Infante Henríquez, general director of AERODOM.

The bond issuance saw significant demand, generating one of the largest oversubscriptions for a Latin American corporate issuer, reaching a maximum of approximately $3 billion (6.0x) and receiving offers exceeding $1.3 billion before the official announcement. These bonds are among the lowest-rated high-yield corporate bonds placed since January 2021.

This nearly $1 billion deal ranks among the largest corporate financings in the history of the Dominican Republic, highlighting a favorable investment climate and investor confidence in AERODOM and VINCI Airports. This confidence is bolstered by the stability and strong performance of the tourism sector and the Dominican economy.

VINCI Airports, the world’s leading private airport operator, manages over 70 airports in 13 countries. It has been present in the Dominican Republic since 2016, when it acquired 100% of AERODOM’s shares.

Arajet begins ticket sales for new Punta Cana routes

Santo Domingo.- Arajet, the Caribbean’s low-cost airline, has started selling tickets for new routes connecting Punta Cana International Airport with North and South America. This move aims to boost visitor arrivals to the eastern part of the Dominican Republic and further establish the country as a new air hub in the Americas.

Arajet announced that flights connecting Punta Cana with São Paulo, Toronto, Montreal, Santiago de Chile, Lima, Mexico City, and Cancun will begin on October 27 of this year. The new routes will also offer connections to other destinations across the continent.

In a statement to the media, Arajet highlighted a promotion for direct flights to Punta Cana, with prices starting at $120 per trip, including taxes.

Víctor Pacheco Méndez, CEO and Founder of Arajet, emphasized the airline’s commitment to growth and expansion, making Punta Cana its second base. “At Arajet, we are committed to making the Dominican Republic the new air hub of the continent. Very soon, we will add other destinations from Punta Cana, such as Buenos Aires, Quito, Guayaquil, Bogotá, Medellín, and Cartagena, offering the most competitive prices in the market,” Pacheco Méndez said.

Pacheco also reassured that operations at the Las Américas International Airport base will continue as usual, with many destinations served from both airports. “Our goal is to provide passengers with the greatest number of travel options. For instance, destinations in Mexico or Colombia will be accessible from both airports. We will maintain a daily bus service connecting the two air terminals to increase connection possibilities for travelers,” he added.

With the addition of Punta Cana Airport, Arajet now serves three destinations in the Dominican Republic, including regular flights from Cibao International Airport. The airline is also exploring the possibility of adding flights from Puerto Plata International Airport.

ProDominicana event honors foreign companies for economic contributions

Santo Domingo.- In a notable event organized by the Center for Export and Investment of the Dominican Republic (ProDominicana) and led by President Luis Abinader, 11 foreign companies were honored for their significant contributions to the Dominican economy. These companies were recognized for generating jobs, facilitating foreign exchange, transferring technology, promoting exports, and enhancing international competitiveness.

ProDominicana Executive Director Biviana Riveiro Disla emphasized that these recognitions reflect the companies’ commitment and confidence in the Dominican Republic. She highlighted that their investments not only stimulate economic growth but also create quality jobs and foster sustainable development. President Abinader congratulated the companies, underscoring the importance of their efforts and dedication, which have helped the Dominican Republic achieve historic levels of foreign direct investment (FDI) and regional leadership in this area.

Special guest Mr. Ismail Ersahin, Executive Director of the World Association of Investment Promotion Agencies (WAIPA), discussed global FDI trends and the positive performance of the Dominican Republic in attracting investment.

The Dominican Republic has led FDI inflow in Central America and the Caribbean, with a historic 53% increase in 2022, surpassing US$4,098.8 million for the first time. By the end of 2023, FDI flows reached US$4,390.2 million, a 7.1% increase from 2022, marking a new milestone. This period also saw a consistent yearly FDI inflow exceeding US$3,000 million from 2021 to 2023. The first quarter of 2024 set a new record with US$1,268.5 million in FDI, a 1.5% year-on-year increase.

Dominican Republic to reach US$4,500 MM in foreign direct investment by year’s end

Santo Domingo.- President Luis Abinader announced on Thursday an ambitious vision to transform the Dominican Republic into a fully developed nation by 2036, aiming to double its real gross domestic product (GDP). This vision includes an average annual economic growth of 6%, creating 1.7 million new jobs, tripling the average salary, achieving investment grade, and becoming the most prosperous economy in Latin America.

Highlighting the growth of foreign direct investment (FDI), President Abinader projected that the Dominican Republic will reach $ 4,500 million in FDI by the end of this year, a milestone he described as “unprecedented in the economic history of the country.”

He also cited the World Bank’s economic growth projections for the Dominican Republic, predicting a 5% growth rate for 2024 and 2025. This rate is consistent with the average growth over the past 50 years and is the highest in Latin America. President Abinader emphasized that the Dominican Republic’s growth rates are double the global and regional averages, driven by structural reforms aimed at attracting and expanding FDI.

The President reiterated that the country’s recent economic stability has been crucial in creating a favorable business environment. “In the last four years, we have strengthened our foundation of resilience and social dynamism, demonstrating that we are a nation capable of prospering even amid global uncertainty,” he stated.

UN reports on Dominican Republic Cooperation Framework year one

Santo Domingo.- The United Nations System has presented the Results Report for the first year of the United Nations Cooperation Framework for Sustainable Development 2023-2027 to the Dominican Government, implementing partners, and donors. The meeting, chaired by Minister of Economy, Planning and Development Pável Isa Contreras, UN Resident Coordinator Mauricio Ramírez Villegas, and Vice Minister Olaya Dotel, highlighted the framework’s progress and impact. Attendees included government officials, civil society representatives, and members from the private sector and academia.

The report, which summarizes the UN’s contributions and challenges over the past year, reveals a financial execution of US$63.4 million across key areas including social inclusion, economic growth, climate change, and human rights. Notable achievements include the development of a National Care Policy, improved social protection capacities, and educational advancements for over 457,000 children. The report also outlines progress in inclusive growth through support for MSMEs and certification of companies with the Igualando RD Seal.

The UN’s Resident Coordinator commended the Dominican Republic’s efforts and highlighted the importance of continued collaboration. With 28% of initiatives financed by state institutions and 67.7% implemented by government entities, the report reflects a strong commitment to sustainable development. Social spending increased by 9.5% in 2023, underscoring the government’s focus on improving living conditions through enhanced education and social protection investments.

Air Century strengthening Dominican Republic-Sint Maarten connection

Santo Domingo.- Air Century airline joined forces with the Ministry of Tourism of Sint Maarten in a meeting aimed at promoting the Caribbean destination’s tourism benefits.

The event took place at the Radisson Santo Domingo hotel and included key airline executives such as Felipe Gutiérrez, Commercial Director, and Joubert Synal, Sales Executive for Sint Maarten. Representing the Tourist Office of Sint Maarten were Gina Illidge, Marketing Director, and Jacqueline Louis, Marketing Manager.

“The intention of this meeting is to strengthen the connection between our destinations, highlighting the advantages of each one for the benefit of our passengers,” said Gutiérrez.

The meeting facilitated dialogue between travel agencies, tour operators, and other tourism sector agents, aiming to ensure an unforgettable experience for visitors to Sint Maarten.

Air Century, with over 30 years of uninterrupted service, operates national and international flights from its hub at La Isabela International Airport in Santo Domingo and from Punta Cana International Airport. The airline connects the Dominican Republic with key Caribbean destinations such as Aruba, Cartagena, Curacao, Havana and Santiago de Cuba, Port-au-Prince, and Sint Maarten.

Las Américas International Airport undergoes major renovations with $250 Million investment

Santo Domingo.- Las Américas International Airport (AILA) in Santo Domingo is undergoing significant renovations, including the construction of a new passenger terminal, with an investment of $250 million, as announced by Aerodom on Monday.

Project Details

Aerodom’s general manager, Mónika Infante, provided details during a press conference about the modernization efforts. These upgrades are part of the commitments made under the concession contract, allowing Aerodom, a member of the French international group Vinci Airports, to operate six state airports in the Dominican Republic until 2060.

New Passenger Terminal

The design for the new passenger terminal is currently underway. Its construction is set to begin in 2025. The terminal will have a capacity of four million passengers per year, accommodating the country’s growing passenger traffic.

Hotel Development

A new hotel will also be constructed, featuring three blocks with a total area of 8,000 square meters. The hotel will include 150 rooms, around 120 parking spaces, conference rooms, a dining room, a restaurant, a swimming pool, and a terrace with a bar and restaurant area offering sea views. Carlos Núñez, Aerodom’s director of non-aeronautical business, reported that the hotel will be operated by IHG Hotels & Resorts under the Holiday Inn brand. Construction will commence soon and is expected to last 20 to 22 months.

Liverpool businessmen launch Kiskeya Cigars with Dominican partnership

Santo Domingo.- Liverpool businessmen have launched Kiskeya Cigars, a new brand honoring the Dominican Republic, in partnership with Tabacalera Díaz, led by renowned cigar maker Don Eladio Díaz. This strategic alliance, facilitated by the Dominican Embassy in the UK and spearheaded by commercial advisor Antonio Castillo and ambassador Elnio Durán, aims to strengthen bilateral relations and promote investment.

The agreement includes the development of the Kiskeya Cigars brand and the opening of “cigar lounges” in Liverpool, with plans to expand across the UK. The Liverpool team, comprising Martin Bramley, Denis Gallagher, Dave Anastasio, Perry Ng, Paolo Cillo, John Morley, Craig Greenwood, Otto Mellouki, and Luke Braithwaite, aims to honor the Dominican Republic.

“These spaces will also promote other Dominican brands like La Aurora and Arturo Fuente,” said Bramley. The collaboration is expected to enhance commercial and cultural ties, showcasing Dominican tobacco internationally.

Kiskeya Cigars plans to establish a factory in the Dominican Republic to leverage export incentives and expand its offerings. Initially, investors considered Nicaragua and Honduras, but the Dominican Embassy’s effective promotion of the country’s manufacturing quality, security, economic growth, and political stability was decisive.

“This approach convinced investors that the Dominican Republic is ideal for their new tobacco company,” Castillo stated. Tobacco exports from the Dominican Republic exceed US$1,200 million, mainly driven by cigars, with major markets in the US, Germany, Belgium, China, and Puerto Rico.

Dominican Republic and Keysight Technologies partner to develop semiconductor industry

Santa Rosa, California.- Keysight Technologies, represented by David Yee Arellano, General Manager for Latin America, and UNICARIBE, led by Foreign Minister Dr. José Alejandro Aybar M., along with Dominican Vice Minister of Industry and Commerce Johannes Kelner, signed a collaboration agreement to develop the semiconductor industry in the Dominican Republic at SEMICON WEST in California.

This agreement is part of the Ministry of Industry, Commerce, and MSMEs’ efforts at SEMICON WEST 2024, the leading industry event connecting over 1.3 million professionals and featuring more than 2,500 global companies.

The collaboration aims to enhance cooperation between the Dominican government, the business sector, and higher education institutions to train personnel for the semiconductor industry in the Caribbean.

Vice Minister Kelner thanked Keysight Technologies for the opportunity to share experiences and showcase advanced facilities, calling the agreement a crucial step toward a strategic partnership with UNICARIBE and Keysight.

David Yee Arellano emphasized that the agreement includes creating semiconductor training programs, with Keysight providing industry experts, developing courses, workshops, and specialized laboratories.

Dr. José Alejandro Aybar M., Chancellor of UNICARIBE, announced the launch of the university’s first Higher Technician program in Semiconductor Technology and the formation of a Dominican University Consortium focused on semiconductors. This initiative, supported by universities such as UASD, UNADE, UNAPEC, UNICARIBE, and UTESA, aligns with Decree 324-24 from President Luis Abinader to advance the semiconductor industry in the country.

Tourism Ministry begins reconstruction of streets in Puerto Plata

Puerto Plata, DR.- Tourism Minister David Collado on Wednesday launched the reconstruction of the streets in the historic center of the San Felipe de Puerto Plata municipality with an investment of close to 80 million pesos.

The project consists of the reconstruction of the streets, sidewalks and curbs of the town’s urban center, directly impacting local residents and tourists, mainly cruise passengers who disembark at the Amber Cove and Taino Bay tourist ports.

Collado highlighted the investments and works delivered during his administration to strengthen the tourist destination and those in the pipeline, such as the rehabilitation of Sosúa beach and the remodeling of the iconic Puerto Plata cable car.

“These interventions will mark a before and after in this entire historic center. The time of Puerto Plata has definitely arrived,” said the Minister of Tourism.

This road project in San Felipe was carried out by the Executive Committee for Infrastructure in Tourist Zones (CEIZTUR) at a total cost of RD$79.855.074.95.

The sections to be intervened correspond to the avenues Juan Escaño (Old Railway Line); extension of Restauración Street (connection between Juancho Escaño Avenue and Caamaño Street).

It also includes Antera Mota, Luis Espinosa, 30 de Marzo, Los Jazmines San Felipe and Aserradero streets. In addition, 27 de Febrero Avenue, El Morro and Cardenal Sancha streets will be intervened.

Juan Escaño Avenue (Old Railway Line) will be intervened in a 751-meter extension and 27 de Febrero in an 834-meter section. Meanwhile, El Morro Street will be renovated in a 1,020-meter section and Cardenal Sancha 934 meters long.

The project includes the reconstruction of 9,318 linear meters of curb and 17,256 square meters of sidewalk, including the readjustment of the pavement of three road axes by applying a new 2″ asphalt concrete layer on the road.

Private investment and development in Cabo Rojo tourism

Pedernales, DR.- Private investment is significantly impacting the tourism surge in Cabo Rojo. The ProPedernales tourism development trust has reported a total investment of US$130 million to date, focusing on three hotels and the initial phase of an airport runway.

The airport, situated in Manuel Goya community within Oviedo municipality, is under construction by the Acciona Consortium. Simultaneously, the port development is managed by ITM Group.

The Dominican Government has invested RD$3,000 million in water projects, conditioning, planning, and design for the initiative. According to Andrés Van der Horst, Executive Vice President of Fiduciaria Banreservas, the finalization of partnerships through public offerings is nearing completion.

The ProPedernales development project operates through a Public-Private Partnership (PPP), with the state holding a 52% stake and the private sector holding 48%.

Van der Horst clarified that the state will always maintain the majority share in the contract, ensuring its significant role in the partnership. The government provides the land while investors manage operations and seek financing.

The project, operating under a trust structure, prohibits the sale of land. Financing for this extensive project will be negotiated through stock exchanges, facilitating investment opportunities on the market.

Dominican Republic surpassing Latin America’s giants in Tourism

Santo Domingo.- The Dominican Republic has surged to the forefront of global tourism, according to a recent report by Latinometrics. Despite its relatively small size, the Caribbean country has made significant strides in attracting visitors, outpacing even larger countries like Brazil and Argentina.

With a population of nearly 11 million and a surface area that could fit 175 times into Brazil’s, the Dominican Republic is one of the smallest countries in Latin America. However, it has managed to punch above its weight, boasting a diversified export economy worth $13,000 million in 2023. Key exports include electrical equipment, medical instruments, and tobacco, while services account for 57% of GDP, with tourism being a significant contributor.

As the “Tourism Bank” and a major financier of the tourism sector, Banco Popular Dominicano is committed to supporting local businesses and foreign investors seeking to capitalize on the sector’s growth potential. The bank highlights the importance of tourism as a key driver of the Dominican Republic’s economy.

The country has emerged as a global leader in tourism post-pandemic, welcoming 7.1 million visitors in 2022 and over 10 million last year. Notably, it attracted 60% more tourists than Brazil, the region’s largest country by population and size. This makes the Dominican Republic one of the most visited countries in Latin America, second only to Mexico.

The country’s tourism boom has also had a positive impact on investment, with two consecutive years of record foreign direct investment (FDI). Political stability has played a crucial role in attracting foreign capital in Latin America, and this has undoubtedly been a key factor in the Dominican Republic’s strong economic growth.

Life expectancies in the Dominican Republic and other Caribbean countries

Santo Domingo. – Martinique, Guadeloupe, and Puerto Rico are among the Caribbean territories with the highest life expectancy, between 80 and 83 years, while other countries in the region, such as the Dominican Republic, Bahamas, or Dominica, have ranges that do not exceed 75 years.

The information is contained in the ranking “Life Expectancy by Country,” developed by World Population Review with data from the United Nations (UN), corresponding to 2023.
The platform details that the last places are Jamaica, St. Kitts and Nevis (72 years), and Haiti, with a life expectancy of 65 years.

The Dominican population would grow until 2060

According to current projections, World Population Review notes that “the population of the Dominican Republic is expected to grow until approximately 2060 when it will reach its peak population of 12.89 million.”
“After reaching its peak population, the Dominican Republic will experience a demographic decline that will leave the population at 11.01 million people,” the organization states.

It adds, “The fertility rate in the Dominican Republic is currently 2.36 births per woman, which has declined year after year since the 1950s. This decline in the fertility rate, in combination with negative net migration, has considerably slowed the population growth rate.”

It further highlights that “from 2019 to 2020, the population growth rate was 1.01%, which added about 109,000 people to the population. This overall decline in the population growth rate will eventually bring it to zero and then the decline in the country’s population will begin.”

NSO data

Last week, the National Statistics Office (ONE) presented its latest report on the X National Population and Housing Census conducted in 2022, stating that the Dominican population growth rate has declined to 1.11% since the beginning of the last century.

Montecristi hosts Tourism in Every Corner event

Montecristi, DR.- This weekend, the province of Montecristi will host the Tourism in Every Corner promotion platform, organized by the Ministry of Tourism to showcase the unique attractions and diverse offerings of each destination.

The event will take place on Saturday, July 13th, and Sunday, July 14th, at Parque Duarte (Parque del Reloj). It will feature a large exhibition and sale of Montecristi’s tourist, cultural, gastronomic, and artisanal products, involving key players in the local value chain to promote sustainable management and development.

Attendees can enjoy artistic presentations from the folkloric ballet and typical ensemble of the Ministry of Tourism, performances by the Ángeles Especiales foundation, baton ballet, children’s groups, and cultural events like carnival traditions and “roba la gallina.”

Montecristi is one of the 32 provinces of the Dominican Republic, located in the northwest. Founded by Nicolás de Ovando in 1506, it boasts attractions like El Morro National Park, Cayo Siete Hermanos, Isla Cabra, and the Montecristi mangroves. Visitors can also explore the Montecristi Clock, designed by Gustave Eiffel, and the Máximo Gómez House Museum. Local cuisine features traditional dishes like goat, Dominican flag, and fresh seafood along the Montecristi boardwalk, complemented by artisanal ice cream and a vibrant nightlife scene.

Montecristi is divided into six municipalities: Castañuelas, Guayubín, Las Matas de Santa Cruz, Montecristi, Pepillo Salcedo (Manzanillo), and Villa Vásquez, with five municipal districts: Palo Verde, Hatillo Palma, Villa Elisa, Cana Chapetón, and Santa María.

Tourism Ministry begins reconstruction of streets in Puerto Plata

Puerto Plata, DR.- Tourism Minister David Collado on Wednesday launched the reconstruction of the streets in the historic center of the San Felipe de Puerto Plata municipality with an investment of close to 80 million pesos.

The project consists of the reconstruction of the streets, sidewalks and curbs of the town’s urban center, directly impacting local residents and tourists, mainly cruise passengers who disembark at the Amber Cove and Taino Bay tourist ports.

Collado highlighted the investments and works delivered during his administration to strengthen the tourist destination and those in the pipeline, such as the rehabilitation of Sosúa beach and the remodeling of the iconic Puerto Plata cable car.

“These interventions will mark a before and after in this entire historic center. The time of Puerto Plata has definitely arrived,” said the Minister of Tourism.

This road project in San Felipe was carried out by the Executive Committee for Infrastructure in Tourist Zones (CEIZTUR) at a total cost of RD$79.855.074.95.

The sections to be intervened correspond to the avenues Juan Escaño (Old Railway Line); extension of Restauración Street (connection between Juancho Escaño Avenue and Caamaño Street).

It also includes Antera Mota, Luis Espinosa, 30 de Marzo, Los Jazmines San Felipe and Aserradero streets. In addition, 27 de Febrero Avenue, El Morro and Cardenal Sancha streets will be intervened.

Juan Escaño Avenue (Old Railway Line) will be intervened in a 751-meter extension and 27 de Febrero in an 834-meter section. Meanwhile, El Morro Street will be renovated in a 1,020-meter section and Cardenal Sancha 934 meters long.

The project includes the reconstruction of 9,318 linear meters of curb and 17,256 square meters of sidewalk, including the readjustment of the pavement of three road axes by applying a new 2″ asphalt concrete layer on the road.

Dominican Republic expands airline industry with 281 new connections

Santo Domingo.- José Marte Piantini, president of the Civil Aviation Board (JAC), emphasized the critical role of air connectivity in the Dominican Republic’s economic development. From August 2020 to June 2024, a total of 438,836 air operations were conducted, averaging 1,275 flights per week. These operations, involving passenger and cargo movements, generated an estimated $49,807 million in direct and indirect income for the economy.

Marte Piantini highlighted the significant achievements during President Luis Abinader’s first term. The JAC authorized 46,002 non-regular or charter air operations and approved 18,940 flights under Special Permits, underscoring the sector’s resilience and progress despite challenges.

In his fourth management report, Marte Piantini detailed the administration’s efforts to strengthen civil aviation, resulting in 281 new connections and establishing routes to various global destinations. He stressed the importance of expanding the country’s air connectivity network to enable national air operators to access more markets, reflecting President Abinader’s commitment to enhancing the national airline industry and promoting trade and investment.

Dominican Republic named Best International Destination at 2024 Condé Nast Traveler Awards

Santo Domingo.- The Dominican Republic continues to be one of the world’s most beloved destinations, as evidenced by its latest accolade at the Condé Nast Traveler Awards, where the country was selected as the winner in the “Best International Destination” category.

“It’s easy to mistakenly think that the Dominican Republic is all about its idyllic beaches,” the magazine editorial stated in its awards announcement.

“And while it’s true that the white sand and the mesmerizing blue waters seem to etch themselves permanently in your memory, once you’re there, you’ll discover that your five senses will forever cherish its many other wonders: the mangú for breakfast – or the sancocho, or the habichuelas, or the tostones…–, the good humor and warmth of its people, the merengue as the soundtrack of everyday life…”, they added.

Finally, they assure that “the Dominican Republic doesn’t steal your heart, it kidnaps it so that you never want to leave its dreamlike landscapes and all the people who live in them.”

The Condé Nast Traveler Awards recognize the travel sector, awarding the best destinations, hotels and resorts, both nationally and internationally. Among the numerous award categories, there were awards for “Best City Hotel” to “Best Snow Hotel”, including “Best Design Hotel”.

The awards gala, chosen by popular vote, was hosted by Spanish actress Greta Fernández and featured special performances by Dominican artist Lennis Rodríguez and Spanish singer-songwriter Nil Moliner, who kicked off the party by performing his three most famous songs and brought the whole audience to their feet.

Dominican Republic aims to double tourist arrivals by maintaining tourism incentives

Santo Domingo.- The Dominican Republic has the potential to welcome twice as many tourists as its population, according to the president of the National Association of Hotels and Tourism (Asonahores), David Llibre. However, he emphasized the need to preserve the current tax structure, which includes incentives for the travel and tourism sector, to achieve this goal.

Llibre indirectly referred to the incentive laws that protect the Dominican Republic’s travel and tourism sector, such as those established in the Competitiveness Law (Law 158-01, modified by Law 193-13).

The country reached a milestone last year with 10 million visitors and is on track to reach nearly 12 million by the end of the first half of 2024, according to Llibre. He maintained that the Dominican Republic could even attract twice its population in tourists, a goal that could only be achieved through continued collaboration between the private and public sectors under the current fiscal framework.

“It’s a structure that has been called the ‘Competitiveness Law,’ which allows us to level the playing field with other industries and countries in our international competition. It’s what allows us to build new rooms, keep our offerings up-to-date, and maintain the growth in the number of visitors to the Dominican Republic,” stated the leader of the Dominican hotel sector.

He highlighted the efforts of businesses and authorities to develop new tourist destinations such as Puerto Plata with the Punta Bergantín project, the project to develop the southern region with the launch of the Cabo Rojo Pedernales project, and the boost being given to the Miches or Samaná destination, a destination that he said needs further work to increase both the number of rooms and the number of overnight visitors.

“As I said before, it’s not that we’ve reached the top because we should always aspire to more. That’s why Asonahores proposes to continue working hand in hand, as we have been doing so far with the authorities, to continue improving the experiences of our visitors,” expressed David Llibre.

He explained that when he mentions the word “experience,” he refers to both the tourist facilities that must continue to improve and update to continue offering new services to maintain the same or higher level than that of our competition.

He also spoke about improving experiences outside of tourist facilities that allow visitors to travel on safe, well-lit, and signposted roads so that their experience is more enriching and has a greater impact on nearby communities.

“The truth is that we believe that the Dominican Republic can even reach twice its population in tourists,” he reiterated, emphasizing that it is not a dream but a goal that has them working together under the current structure, a structure that has been called the “Competitiveness Law,” which allows them to level the playing field with other industries and countries at the level of our international competition.

Referring to the incentives in the Law, he said that this is what allows them to build new rooms, keep their offerings up-to-date and maintain the growth in the number of visitors to the Dominican Republic.

Collado highlights establishment of Good Practices Committee in MITUR

Santo Domingo.- Over 6.263 million pesos have been awarded during the monitoring process with the Observatory of Good Practices in the Ministry of Tourism.

“In four years, not a single cent from the Ministry of Tourism has gone missing,” stated Minister David Collado on Monday, highlighting the integrity of the tenders managed under his leadership.

Collado emphasized that to demonstrate the transparency of his administration, he requested the formation of a committee to oversee the institution’s bidding processes.

“We respect public funds, people’s funds. We have a clear conviction that transparency cannot be just a discourse in the media and social networks. We are committed from the heart to doing things completely differently, and that is what we are doing,” said the minister.

During a press conference attended by all committee representatives, Collado announced that future processes would be conducted at universities to provide students with practical knowledge.

Investment funds: catalysts for sustainable development in the Dominican Republic

Santo Domingo.- The Dominican Association of Investment Fund Management Companies (Adosafi) emphasized the crucial role of investment funds in the Dominican Republic’s social and economic development at the UN’s Forum for Sustainability. Luis Madera, Vice Minister of the Ministry of Economy, Planning and Development (MEPYD), called for the Government’s Campaign Program to include employees and investors, ensuring broader societal benefits from these funds.

Investment funds facilitate financial inclusion by allowing millions of Dominicans to participate in the country’s economic growth, with investment opportunities starting at RD$10,000. Santiago Sicard, CEO of Adosafi, highlighted their role in generating over 30,000 jobs and developing infrastructure such as roads, parks, and libraries. These initiatives also secure future pensions for many Dominicans.

Supporting the UN’s 2030 Agenda for Sustainable Development, investment funds in the Dominican Republic have invested over USD$1,600 million in 93 projects across 24 funds. Notably, in the energy sector, these funds have diversified energy sources and reduced carbon emissions significantly. Additionally, investment funds boost the tourism and real estate sectors, promoting community development, labor inclusion, and sustainable construction standards.

Santiago Sicard reiterated that investment funds create profitability and wealth for Dominicans while contributing to social and environmental development. Their transformative power in promoting and democratizing development and sustainability has increased interest among individuals, businesses, and government officials in these financial instruments. In summary, investment funds are catalysts for sustainable development, driving economic growth, environmental sustainability, and social inclusion in the Dominican Republic.