Santo Domingo.- Foreign Direct Investment (FDI) from the United Kingdom to the Dominican Republic has experienced significant growth in recent years.
Between 2018 and 2022, FDI flows from the United Kingdom to the Dominican Republic amounted to $82.3 million, of which $66.8 million was recorded in 2022 alone. This represents a notable increase of 284% compared with 2021.
These figures were highlighted during the Tenth Dominican Week in the United Kingdom, organized by the British Chamber of Commerce of the Dominican Republic (BRITCHAM DR) in collaboration with the Embassy of the Dominican Republic in the United Kingdom and the Embassy of the United Kingdom in the Republic Dominican.
The director of ProDominicana, Biviana Riveiro, and the deputy director of Customs, Daniel Peña, shared details of the growing trade and investment exchange between both nations.
In addition to FDI growth, overall trade between the Dominican Republic and the United Kingdom increased more than 15% last year and has quadrupled in the last decade.
Riveiro noted that direct investments continue to flow, with more than $25 million expected in 2023. Trade between the two countries has been flourishing, with a significant increase from $294 million in 2021 to $540 million in 2022.
Tourism has also experienced a boost. 2022 marks a record year for the arrival of British tourists to the Dominican Republic, with a total of almost 200 thousand visitors.
Daniel Peña highlighted the efforts of the Dominican Republic to position itself as a top-level Logistics Hub in the region.
Initiatives such as faster customs clearance, a new customs law, the modernization of X-ray machines, simplified bureaucratic processes, and the implementation of new risk management systems have made it easier for British companies to export to the Dominican Republic and use it as a base for exports to the entire American continent.
During the panel held in London, business experts highlighted the logistical advantages of Dominican ports compared to other countries in the region.
Amauris Vásquez, president of BRITCHAM, and Elnio Durán, Dominican ambassador to Great Britain, highlighted the objective of fostering closer relations between both countries through greater commercial exchanges.
British Ambassador Mockbul Alí also reiterated the significant growth in the relationship between the United Kingdom and the Dominican Republic, emphasizing the incredible opportunities for British companies in the strategic location of the Dominican Republic.