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Will there be a Zona Franca in Sosúa?

According to the report in El Faro (Puerto Plata), preparations are being made for the construction of a ‘Zona Franca’ in Sosúa. The initiative is coming from Ian Schembri Sant, CEO of The Ocean Club Group. In the Dominican Republic about 500 companies do business in  approximately fifty ‘Zonas Francas’, tax-free zones. Companies in these areas have an exemption from various taxes for a period of fifteen years. These areas are particularly designed for export production. Over 50% of the companies work in the clothing and shoes manufacturing for the U.S. market. Almost half of the companies is of American origin. But in Sosúa they are especially interested in companies of IT business, energy savings and security equipment. The new Zona Franca should not create competition for the existing Zona Francas in Puerto Plata and Santiago. According to the article in El Faro, Sosúa presents unique opportunities. Indeed, there are many university graduates in the region, since there are three universities in Puerto Plata. The graduates are bilingual, they speak Spanish and English. The infrastructure is favorable and the airport is only 15 minutes away.
For educated people, Sosúa with its beautiful beach, water sports, international restaurants, cultural center and rich Jewish tradition, is a nice place to live. The new Zona Franca will provide jobs for at least 100 high educated professionals. In addition, another 200 jobs for young professionals. Many people will find jobs in security, transportation and maintenance services. Furthermore, all kinds of companies like hair salons, colmados, supermarkets, bars, restaurants, fashion shops and real estate companies will benefit from the increased purchasing power of workers from the new Zona Franca.

Source: Sosua News

Category: DR News |

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Last updated October 22, 2016 at 2:00 PM
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