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Dominican Republic needs safety to attract more foreign investment

Santo Domingo.- The lack of safety and legal uncertainty are the main hurdles to the arrival of more foreign investment in Dominican Republic, but even so, it jumped 11% last year, said the Commission Economic Commission for Latin America and the Caribbean (ECLAC) on Thursday, EFE reports.

Foreign Investment Association (ASIEX) president Ramon Ortega said the political will to tackle the problems is essential to continue in an upward trend.

Public safety is poor in the region, not only in the country, both in drug trafficking and common crime as well, Ortega said, but also lauded the Dominican Government´s measures to deal with the increase in such cases. “It’s an issue that should be on the agenda as investors seek not only profit, but seek an environment to invest, so that international executives who come with their families feel they are in a safe country.”

For Ortega, Dominican Republic “is one of the safest countries in the region,” but noted that there is room for improvement, and a challenge faced by the government. “We at ASIEX have it on the agenda to drive major changes.”

He said despite the challenges Dominican Republic attracted US$2.2 billion in foreign investment in 2014, a figure that makes it one of the leading countries in the region, which Ortega says is the result of several factors.

The business leader said the country is going through “a period of relative political tranquility which leads to a much healthier foreign investment environment,” with stable inflation and growth between 5% and 7% in recent years.

In the legal framework, Ortega said there have been changes in tax laws to conform to international standards, such as laws on transfer of prices, the rules on capitalization and other controls to reduce tax evasion.

Source: DT

Sep 4, 2015

Category: DR News |

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