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Dominican Republic makes steady economic growth despite world financial crisisIn spite of the world financial crisis thanks to tourism, agriculture, etc.

The Dominican Republic, located on the island of “La Hispaniola”, is part of a group of islands that compose the Caribbean’s Major Antilles, with a population of about 9.9 million people, a labor force of 5 million, GDP of USD$64 billion, and a GPD per capita of USD$6,480.90. It is located in the heart of the Caribbean, between Cuba and Puerto Rico; bathed by the Atlantic Ocean to the north and the Caribbean Sea to the south.
The Dominican Republic, in spite of the difficulties derived from the world financial crisis, has been able to sustain a steady economic growth, and some of the main engines, like tourism and agriculture, have been able to keep up its positive rhythm., having grown 7% in the year 2015 and 7.1% in 2014.

▲National Palace of the Dominican Republic

The Dominican Republic’s proximity to large consumer markets, has available natural resources and climate, couples with its extensive and well developed free zones, networks and distribution channels, the most advanced telecommunication systems in Latin America, Free Trade Agreements with the US and the Central American countries (DR-CAFTA), preferential trade agreements with the European Union and CARICOM, permit our country to have direct access to more than 900 million consumers around the world, have given the Dominican Republic enormous advantages.

Moreover, its eight (8) international airports, twelve (12) international marine ports, five (5) cruise ports, well maintained roadways, amongst other aspects of its solid infrastructure makes the country a potential trade hub for the region; in addition to its 3,800 high quality product lines that have a presence in over 170 international markets, political stability, steady economic climate, well trained human resources and business incentives.

Potential markets for expansion of trade of Dominican products to Korean markets not only include medical devices, textiles, and iron bars, but also agriculture and agro-industrial goods, such as products derived from organic cacao (the Dominican Republic dominates 60% of the global market share of organic cacao), coffee, pineapples, bananas, sugar cane, fresh vegetables, beer, rum, and world-famous cigars.

A few facts about the Dominican Republic’s exportable products and industries include that is is:
? #1 exporter of sugar cane to Spain
? #1 exporter of cigars to the USA
? #1 exporter of rum to Chile
? #2 exporter of cocoa to LAC
? #3 exporter of rum to the Netherlands
? #4 exporter of peppers to the USA
? #4 exporter of avocados to the USA
? #5 exporter of cocoa beans to Japan
? #5 exporter of rum worldwide
? The Dominican Republic is one of the principal suppliers of dental floss, pacemakers, and various disposable items, as well as I.V. solutions, among others used by hospitals in the United States.
? Economy. We are regional leaders with the least time and cost for exports, thanks to our advanced transport services which facilitate foreign trade
? The Textile, Apparel, and Shoe markets, contributed US$1.7 Billion of the total Free Zone exports in 2014.

In that sense, the Embassy of the Dominican Republic in Seoul extends an invitation to Korean business sector to participate in the Dominican Republic’s First Multi Sector Export Fair “DR Exports 2016 (RD Exporta 2016)”, to be held from the 27th ? 29th of June, 2016, at the Port of Sansouci in its capital city of Santo Domingo, an event coordinated by the Export and Investment Center of the Dominican Republic (CEI-RD), under the auspices of the Dominican Government.

This event constitutes an amazing opportunity of the Korean business sector to not only meet directly with the Government officials in charge of the Dominican Republic’s exports and investment affairs, but also with the producers of the wide scope of the Dominican Republic’s exportable goods. (www.cei-rd.gob.do/rd-exporta-2016).

The tourism industry in the Dominican Republic is an essential motor for economic growth, with the number of tourists reaching close to 6 million in 2015, and a growth of 8.9% during the same period, maintaining the positive rhythm for growth the country has experienced in recent decades.

Korean couples and travel agencies have taken note of the Dominican Republic’s exotic bounty, unmatched and diversified natural beauty and touristic offerings, from pristine beaches to mountain ranges, caves to waterfalls, ecotourism to luxury tourism, designer golf courses to horseback riding excursions, with the number of Korean honeymooners and vacationers traveling to the country on a steady increase.

It has an unmatched tourism infrastructure with superior and friendly service, and over 70,000 rooms at resorts, the highest concentration of which are found in Punta Cana, la Romana, Saman?, and Puerto Plata.

We invite Koreans to discover all of the wonders and delights that the Dominican Republic has to offer.

▲DR Exports 2016 Logo

이경식 기자  edt@koreapost.com

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