Santo Domingo.- The Export and Investment Center of the Dominican Republic (ProDominicana) has initiated a mentoring scheme entitled «Boosting the High Export Potential of the Dominican Republic: Trade Partners«. This innovative scheme is intended to boost and provide support for the expansion of small and medium-sized Dominican businesses in the global trading market.
ProDominicana’s executive director, Biviana Riveiro elaborated on the primary aim of this initiative, stating it is primed to deliver tailored, effectual mentoring that would contribute to the professional and personal advancement of the participants. She added that “The program forms a crucial element of the Global Alliance for Trade Facilitation project, devised to encourage economic and societal development in the country through involvement in international business.”
It is noted that by the year 2023, exports had amounted to a total of US$11,937.6 million, with a substantial contribution from micro, small and medium-sized enterprises. Furthermore, large export businesses contributed US$11,238.4 million underlining their vital role in our economy.
Simultaneously, MIPyME exporting companies posted international revenues of US$700 million in 2023, an increase of 5.1% from 2022, and a significant rise of 35.6% compared to the pre-pandemic period of 2019. Of importance is the fact that this figure represents a record in terms of revenues exported by this group of businesses.
José Raul Perales, the Trade Practice director and Deputy Director of the Global Alliance for Trade Facilitation, expressed that the initiation of the mentoring program signifies a substantial stride in the effort towards enhancing the nation’s exporting ability. He noted that “Dominican entrepreneurs will benefit from the program as it will supply them with the essential tools, knowledge and support to exploit their potential in the international market hence fostering sustainable economic growth and effective incorporation into global commerce.”
Moreover, Vilma Arbaje, the vice minister of Foreign Trade from the Ministry of Industry, Commerce and MSMEs (MICM), stated that the initiative forms a crucial part of the effort to bolster the country’s export sector. She emphasized the need for collaboration between the public and private sectors to equip Dominican businesspeople with the requisite support and knowledge to compete and succeed in the international market thereby promoting economic development and job creation in the Dominican Republic.
About the program
The program will span from June to October 2024 and will include six mentoring sessions per beneficiary SME. These sessions, ideally in person, will allow for effective interaction between mentors and SMEs, guaranteeing personalized attention catering to each individual’s specific needs.
This project has selected 20 SMEs from various economic sectors in the country including: manufacturing, crafts, agriculture, agro-industry, textiles and beauty, to participate in the mentoring sessions with an aim to boost their export ambition. Also, 11 mentors possessing extensive professional experience in exportation have been chosen.
The Alliance for Trade Facilitation is a collaboration between the public and private sectors, made up of the World Economic Forum, the International Centre for Private Enterprise, and the International Chamber of Commerce, that strives to update and simplify international trade, fostering inclusion and sustainable growth. The project is financially supported by the governments of the United States (USAID), Canada (GAC), and Germany (BMZ).