Ambassador Grecia F. Pichardo Polanco of the Dominican Republic in Seoul hosted the 2014 Dominican Republic Investment Forum at the KOTRA Building in Seoul on Feb. 19, 2014 with the Center for Export and Investment of the Dominican Republic in coordination with the Future and Global Institute of Korea.
The Forum provided a unique opportunity not only to learn more about the potential and investment climate of the Dominican Republic of but also concerning doing business in general in the Dominican Republic.
An estimated 100 Korean business representatives attended the Forum.
Speaking to the meeting, Secretary of State and Executive Director Jean Alain Rodriguez of the Export and Investment Center of the Dominican Republic invited Korean business organizations to investment in the Dominican Republic in various areas, including infrastructure, energy, manufacturing, ITC, software and agriculture.
Showing slides, Secretary Rodriguez made remarks, which included the following:
On behalf of myself and the Export and Investment Center of the Dominican Republic (CEI-RD), I want to thank you all for being here, and specially thank the Ministry of Strategy and Finance for honoring me with the invitation to speak briefly about the trade and investment opportunities among the Dominican Republic and the Republic of Korea.
I believe this is an important occasion for us to seriously discuss how to increase trade and investment between our countries.
Country Summary: Our Population is currently 10.2 Million Dominicans, talented and hardworking people. We also have a large community of Dominicans living abroad.
Our native language is Spanish, but of course English is spoken by many Dominicans as the language of business.
Dominican Economy and Trade: In 2013, according to preliminary figures of the International Monetary Fund (IMF), Latin America and the Caribbean growth rate was 2.6% and according to our Central Bank the Dominican Republic grew 4.1%, significantly higher than the average of the LAC.
The Dominican Republic has been experiencing a profound economic transformation in recent years, and today, we have a highly diversified economy.
The Dominican Republic is becoming known for its capacity to produce world-class goods and services.
In 2012 we exported $9,079.1 million dollars to over 167 countries around the world.
Trade DR- Korea: In 2012, the Dominican Republic traded more than $26.8 Billion dollars with our partners from around the world.
Regarding trade with Korea, in 2012 our exports amounted to $82.27 Million dollars and imports from Korea of $82.11 Million. The trade balance between both countries in the last five years reached $618.6 Million dollars.
5. Exports to Korea: In the same period, main Dominican products exported to the Korean market are: Ferronickel, Iron and Steel waste, Footwear, Coffee, Rum, Electrical Components and Textiles
Potentiality of Dominican Products to the Korean Market.
We have identified various Dominican products, currently exported to international markets that could be potentially exported to Korea.
We hope that as a result from this visit, we can increase the trade between our countries and the presence of many Dominican world-class products in the Korean market.
Dominican products in the World Ranking: Some Dominican products are currently ranked in top positions worldwide regarding their production and exports. Just to mention some: hand-made cigars, organic cocoa, sugar cane, rum, among others.
8. Why the DR Our value proposition to you is that the Dominican Republic offers an extraordinary opportunity for profitable and successful business ventures, including a solid judicial system, as well as a social, political and macroeconomic stability.
Also, we have a productive and highly competitive infrastructure, attractive government incentives and talented human resources.
Foreign Investment Law No. 16-95: In the Dominican Republic, investment from abroad is regulated by a special legal regime. The Foreign Investment Law 16-95 sets the principle of equal treatment between national and foreign investments, guaranteeing the same legal protection for foreigners. Prohibitions and restrictions to investment in certain areas, such as public service enterprise, mining, banking, and insurance, have been eliminated, allowing foreigners to access business opportunities in any sector of the national economy. Furthermore, investment has been broadly defined to apply to contributions ranging from traditional capital to technological trademarks and to financial instruments.
Incentive Laws: The legal environment is quite favorable for business. Moreover, a wide range of laws have been revised or approved in recent years to promote foreign investment.