The government announces that foreign direct investment will exceed three billion dollars this year

The government announces that foreign direct investment will exceed three billion dollars this year

Santo Domingo, RD.

Foreign direct investment will exceed three billion dollars this year, and recorded data indicate that the country has acquired an investment volume of 1.17 billion dollars until July 2021.

A statement by the government refers to studies published by the Economic Commission for Latin America (ECLAC) that place the Dominican Republic as the first destination country for foreign direct investment (FDI).

“The pandemic has not reduced the attractiveness of the Dominican Republic to investors,” the government said in a statement.

He notes that forecasts indicate that the country could finish the year at around $3,362,310,173. “The origin of investment is as diverse as the productive sectors selected.”

“Proposals are coming to us from the United States, Spain, the Netherlands, Germany, France, Canada, Turkey, Mexico, Puerto Rico, Venezuela and El Salvador,” the statement said.

He says these countries plan to invest in tourism, telecommunications, energy, agribusiness, construction and entertainment.

He explains that in the sums raised, the Spanish tourism investment project of Noval Properties and the investment project in the energy sector of Ridge Partners Línea Noroeste stand out.

“Noval, recognized as one of the top real estate investment companies, plans to invest 434 million US dollars. The US company Ridge will develop three energy projects, with an investment of 225 million US dollars, to convert solid waste from 25 sites. In the Northwest Line on diesel fuel.”

He says that the reasons for generating this appeal in the midst of the fight against the epidemic are related to the dynamism of the economy, political stability, social peace, and the commitment to the transparency of President Abenader’s administration.

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“A report by BofA Global Research, a service of BofA Securities, the investment banking division of Bank of America, expects the Dominican Republic to grow by 10% in GDP by 2021,” the document adds.

The publication highlights that the successful progress of the national immunization plan puts the country in the potential this year to be among the few countries where the target population is fully vaccinated.

The government expects “what is with the growth of the US economy, expansionary monetary policy of the government and the predominance of positive sentiments from the local business community, are the favorable winds that will boost growth”.

He adds that this assessment of the economy is shared by the International Monetary Fund, which also expects a strong economic recovery this year.

“The fact that we are the largest economy in Central America and the Caribbean, have geographic proximity to the United States, distinctive natural wealth, and a government that favors investment guarantees that we will continue to accumulate exceptional numbers in terms of foreign direct investment,” concludes the document.

Aygen Marsh

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