10 reasons why doing business in the Dominican Republic is the best decision you can make
1. The Dominican Republic is the only independent and sovereign Latin American and Caribbean state boasting a stable and solid democracy for over 60 years with peaceful, consecutive transfer of political power since 1965.
2. The average GDP rate of growth for the last 20 years has been above 5%, and above 6% from 2014 to 2019, making it the fastest growing Latin American and Caribbean economy since 2010.
3. The sectors growing the most since 2012 have been Tourism, Telecommunications, Construction, and Industrial Duty-Free Zone Manufacturing. The Dominican Republic is today the second largest shoe producer in the American Continent and the fourth largest world exporter of medical devices to the United States. It is also the number one gold exporter in the Caribbean, the number one worldwide cigar exporter and the number one exporter of organic cocoa. It is also the fastest growing and the second largest recipient of foreign visitors in the Latin American and Caribbean Region.
3. The Dominican Republic provides social and political Security and stability to investors.
4. Since 2014 the Dominican Republic has been designated the principal tourism and Direct Foreign Investment destination of the Caribbean and Central America.
5. Just in 2023, the Dominican Republic attracted over 10 million tourists, making it second to none in the Caribbean and Central America, and number 2 in Latin America only after Mexico.
6. The Dominican Republic has a population of 10.74 million people and an average population density of 210 people per square kilometer. With over 10 million people living in Haiti, it is a captive future market of more than 20 million in one single Caribbean Island.
7. In terms of logistics and movement of cargo, the Dominican Republic has 8 international airports with over 11,000 international commercial flights registered during 2023 moving 18 million passengers and cargo; with 16 cargo ports moving over 2 million containers in 2022 and 5 cruise terminals welcoming 2.2 million visitors in 2023.
8. Proximity to the US Market is unmatched. 72 hours by ship and under 2 hours by plane. This makes it the ideal nearshoring hub in Central America and the Caribbean. You can receive an order and have your manufactured products displayed in a US store in less than a week, drastically reducing the need to keep costly inventory stored in the US mainland.
9. The Dominican Republic is a Nearshore Haven for the United States market: Proximity and Time Zone Compatibility, Multilingual Expertise, Cost-Effective Excellence, Robust Infrastructure, Thriving IT and BPO Ecosystem, Access to a Skilled and Scalable Workforce, Favorable Business Climate. In 2023 Industrial Tax-Free Zone exports totaled 8.1 billion dollars.
10. Foreign Direct Investment in 2023 was US$4,381.00, 49% of all investments to the Caribbean and number 1 for Central America. The Residential Real Estate market in the Dominican Republic is estimated to reach a value of US$0.57 trillion in 2024. It is projected to experience a compound annual growth rate (CAGR 2024-2028) of 2.12%, leading to a market volume of US$0.62 trillion by 2028.
