Santo Domingo.– The Dominican Republic's free trade zones (FTZs) experienced record growth in 2023, with exports reaching $8.06 billion, up from $5.89 billion in 2020.
The 36.7% growth was the most high in the history of the FTZ sector, which also created 17.5% more jobs in 2023, reaching 197,674.
“These results are the product of a strategic and execution plan that has involved the public and private sectors,” said Víctor “Ito” Bisonó, Minister of Industry, Commerce and SMEs.
“The synergy between the Dominican Association of Free Zones, the American Chamber of Commerce in the Dominican Republic, the National Council of Free Export Zones and the MICM has been particularly positive for the country.”
In addition to the growth in exports and employment, the number of companies operating in free zones increased by 18.5% to 820.
The number of active parks increased by 16% to 87.
The total area of occupied warehouses increased 15.1% to 49.6 million square feet.
The four main production categories in the free zones were: metals and their manufactures (growth of 45.9%), plastics (28.9%), agro-industrial products (11%) and pharmaceutical products and medical instruments and equipment (growth of 10.1%).
The pharmaceutical sector was particularly strong, accounting for 53% of the free zones' total exports.
It also saw the largest absolute increase in exports, $229.7 million more than in 2022.
The growth of the free zone sector is a significant boost for the Dominican economy.
The sector is an important source of foreign exchange and employment, and is a key driver of economic growth.