Santo Domingo, RD.- Within the framework of the celebration of the tenth Dominican Week in the United Kingdom, Biviana Riveiro Disla, executive director of the Export and Investment Center of the Dominican Republic (ProDominicana), presented the business opportunities offered by the Dominican Republic to diplomatic representatives, investors and potential buyers at an event organized by the British Chamber of Commerce of the Dominican Republic (BRITCHAM DR).
In this sense, the executive director of ProDominicana, Biviana Riveiro, presented the Dominican Republic as the ideal destination for investment and nearshoring, highlighting the positive growth of FDI flows from this country that has been thanks to efforts made with entrepreneurs and government entities of both nations.
Riveiro indicated that between the period 2016-2022 and the accumulated period of January-August 2023, the commercial exchange of the Dominican Republic with the United Kingdom was US$2,502.36 million. Of this amount, US$1,310.62 million correspond to exports of goods and US$1,191.74 million to imports. He pointed out that for the year 2022, according to Trademap data, exports to that market were US$167.05 million, showing a growth of 35% compared to 2021, whose value had been US$123.89 million.
It is important to highlight that the Dominican products exported to the United Kingdom that had notable growth were: voltage switches, going from US$0.03 million in 2021 to US$5.35 million in 2022, followed by instruments and devices used in medical sciences, going from US$0.37. million in 2021 to US$18.11 in 2022.
Likewise, electrical appliances increased from US$0.23 million in 2021 to US$2.52 million in 2022. Likewise, adhesive dressings increased from US$0.98 million in 2021 to US$3.77 million in 2022 and fresh mangoes grew by 40%, varying from US$9.55 million to US$13.33 million in 2022.
The executive director of ProDominicana expressed that in terms of Foreign Direct Investment (FDI) from the United Kingdom in the Dominican Republic, it quadrupled, going from US$17.4 million in 2021 to US$66.8 million by 2022, showing an interannual increase of 284 %. Likewise, he referred to the positive increase in the arrival of tourists from the United Kingdom, receiving more than 720,000 vacationers between 2018 and September 2023, the 2022 figure representing the highest arrival of travelers from the United Kingdom during the last 10 years.
“One of the main engines that drive the Dominican economy is foreign direct investment. We have established a broad strategy to attract more investment to the country by showing our strategic geographical location, economic stability, natural resources and, above all, institutionality and legal security.” Likewise, Riveiro emphasized that, in the same way, the country promotes Dominican products abroad, showing their quality and competitiveness in this market.
The Dominican Week in the United Kingdom, made up of different commercial, networking and cultural activities, was headed by the president of the British Chamber of Commerce of the Dominican Republic (BRITCHAM DR), Mr. Amauris Vásquez; the Dominican ambassador to the United Kingdom, Elnio Durán; the ambassador of the United Kingdom in the country, Mockbul Ali, who explained the importance of continuing to strengthen cultural and commercial relations and the strategy of promoting the orange economy between both nations, and several priority sectors that contribute to sustainable and inclusive development.
In addition, meetings were held with members of UK Export Finance, the export credit agency of Great Britain, with which the possibility of new facilities that would allow increasing investments to promote exports between both were discussed.
Likewise, the director of ProDominicana met. with the Association of Manufacturers in the United Kingdom known as MakeUK, where the facilities for the establishment of British companies in the country were discussed either as free zones, using logistics centers or settling in the border area. On the other hand, meetings were held with Kickoff by INICIA with the presence of the Parliamentary Undersecretary of State for the Americas and the Caribbean, MP David Rutley, participation in the past present and future panel of British Tourism in the DR, among other meetings with business organizations, British commercials and B2B meetings. At the same time, the program of activities included an Afternoon Tea sponsored by Baroness, Gloria Hooper, where relationships were strengthened and topics of common interest were exchanged.
A delegation of more than 100 businessmen and official officials participated in the event who will be promoting trade and cultural exchange between both nations, in which the central axis will be the positioning of the Dominican Republic as a Global Logistics and Nearshoring Hub.