Pavel Isa Contreras, Dominican Minister of Economy
Santo Domingo, DR. – Given the diplomatic conflict affecting trade relations between the Dominican Republic and Haiti, the vision of the officials leading President Luis Abinader’s administration is to establish agreements with other Caribbean countries.
The Minister of Planning and Economic Development (MEPYD), Pável Isa Contreras, believes that the main strategy for ensuring the development of micro, small, and large companies (Mipimes) is to diversify connections with nearby markets.
Contreras said, “The important lesson we have to learn about the problem with Haiti is that we have to diversify the markets. Do not put your eggs in one basket, but in many.”
He assured that by applying this parameter, the performance of Dominican economic sectors will not be affected by the frailties of other nearby markets.
“The Caribbean has the potential for our exports to intensify and not be subject to the uncertainties generated by some markets,” said the economist, referring to the precariousness of the neighboring country.
Contreras explained that the countries with the most strengthened markets are Guyana, Jamaica, Trinidad and Tobago, Saint Vincent and the Grenadines, Saint Lucia, Saint Kitts, and the Bahamas.
These would be a great option due to the number of tourists these countries receive, representing an attractive audience for Dominican products.
Pavel Isa Contreras’ statements were made during the event “More Caribbean trade strengthens SME exports to the Caribbean” at the Export and Investment Center of the Dominican Republic (ProDominicana).
This activity aimed to promote and inform about the exports of Dominican SMEs to the Caribbean market.
In addition, it disseminates existing initiatives on the topic, highlighting strategic opportunities and addressing the challenges faced by SMEs in their export efforts in the Caribbean region.
Biviana Riveiro, executive director of ProDominicana, indicated that in the last five years the Dominican Republic has positioned itself as the leading economy, with the most significant commercial exchange of the insular Caribbean with the world, accumulating figures exceeding 173.4 billion dollars.
Riveiro recalled that in 2019-2022, the country accumulated trade with the Caribbean for more than 9.12 billion dollars, of which Dominican exports represent 78%.
He said that a comprehensive strategy has been executed that includes participation in 24 trade fairs and missions to continue increasing Dominican export rates.