Dominican Republic supports Saudi Arabia in the candidacy for 2030 World Expo, and explores business opportunities

In an act headed by the Vice President of the Dominican Republic, Raquel Peña, who in turn chairs the Investment Promotion Cabinet, an investment meeting was held between Saudi Arabia and the Dominican Republic, with the aim of presenting projects and opportunities that the country has and its climate for doing business.

Within the framework of the activity, the vice president announced that the Dominican Government will support Saudi Arabia in the candidacy for the 2030 World Expo.

He also explained that this meeting works as an ideal space to work together with this nation and promote a common agenda aimed at increasing bilateral trade and facilitating access to new markets.

In addition, he presented to the Saudi authorities and government entities the investment opportunities available in the Dominican Republic, which this year reached a historic milestone of 4,010.00 million dollars, showing a growth of 25% compared to 2021.

“In the Dominican Republic we are proactively looking for new business opportunities between both parties, creating facilities to increase the exchange of strategic information to do business in an environment characterized by political and macroeconomic stability and legal certainty. In this sense, this event represents an unparalleled opportunity to combine joint efforts based on a technical agenda, promote higher levels of reciprocal cooperation in scientific, cultural and educational aspects”, he indicated.

The meeting was also attended by the Export and Investment Center of the Dominican Republic (ProDominicana) and the Ministry of Investment of the Kingdom of Saudi Arabia, headed by HE Mr. Badr AlBadr, Deputy Minister of Investment.

Biviana Riveiro Disla, executive director of ProDominicana, said that for the Dominican Republic it is essential to continue strengthening commercial ties with a country with which we have a high potential for investment and placement of the exportable supply. Riveiro reported that, in the last seven years, bilateral trade between these nations exceeded USD 126 million. In the same way, she assured that ProDominicana is interested in opening new ways to expand the exchange of goods and new investments through the Single Investment Window.

In this activity, the Saudi delegation was made up of more than 60 people from the energy, construction, tourism, real estate, medical care, food and beverage, banking and finance, petrochemical, pharmaceutical, legal, aviation, mining, and industry sectors, among others.

 others. Also, officials from the Ministry of Energy, the Ministry of Economy, the Ministry of Tourism, the Saudi Development Fund and the Royal Commission of the City of Riyadh, as well as business leaders and government representatives from the Dominican Republic. In it, a set of project presentations and nearly 100 government-to-government (G2G), business-to-business (B2B), and government and business (G2B) meetings were held.to further strengthen commercial ties.

The Dominican Republic shared investment opportunities during the event in the sectors of tourism, renewable energy, mining, logistics, and free zones, among others.

The presentations were in charge of Joel Santos, Minister of the Presidency; Antonio Almonte, Minister of Energy and Mines; Sigmund Freund, head of the General Directorate of Public-Private Partnerships (DGAPP); Yarisol López, Deputy Executive Director of the National Council of Export Free Zones (CNZFE); and Marcial Smester, Investment Director of ProDominicana, who presented the portfolio of projects with the greatest projections for investors and the commercial potential with Saudi Arabia.