The Dominican Republic has the largest economy in Central America and the Caribbean. It has a strategic geographical area and is the largest country after Cuba in the area. It is the most visited destination in the Caribbean with a booming economy, making it a perfect place to invest in.
The Central Bank of the Dominican Republic announced yesterday that international banks have restated their positive assessments of the country, posing it as an attractive investment destination.
The country continues to give positive signals to investors. Giving a favorable weighting as an investment destination. This perception is manifested in a less urgent need for external financing, as well as in the recent recovery of economic activity, which stands out as “relatively fast” compared to other countries in the region, such as Costa Rica, El Salvador and Jamaica.
The pandemic has required the country to make great efforts and adopt measures aimed at saving lives and counteracting the terrible economic effects.
The Central Bank of the Dominican Republic maintains that governments and central banks have reacted, implementing stimulus measures aimed at supporting employment, reactivating economic activity, sustaining productive sectors and promoting orderly conditions in financial markets.
The CBDR highlights the analysis made by Bank of America, in its report published on October 26. It argues that, having shown a rapid economic recovery, the Dominican Republic maintains a favorable position that does not require subscribing to a program with the IMF to finance itself. Adding that the country does not have the external vulnerabilities that other emerging countries do.
Where to invest
Most of the foreign investment resides in this sector. The country receives more tourists every year and this increase has led to economic growth. Most of the tourists are Americans and Europeans.
Despite this, the country has the most affordable homes in the Caribbean. These factors have created a business opportunity for investors in the hospitality sector. The most visited places in the Dominican Republic are Punta Cana, Santo Domingo, Puerto Plata and La Romana. The main investors are Spanish. However, there are also Germans, Americans and Italians.
Represents 8% of the country's GDP and 14% of the workforce, it also contributes 1/4 of exports. Sugar and rice are the main products. In addition, coffee, cocoa and bananas are very remarkable. The main export destinations are the United States, Haiti, Canada and India.
The country has great potential for the development of this sector, as it has a great variety of natural resources such as gold, silver, nickel and bauxite, marble, limestone, gypsum and granite.
The country is presented as a great option. Other advantages to highlight are its connection with the United States, the ease that is granted to investors to reside in the country and the different investment incentives.