Spain will invest €1,300 million a year in the tourism sector of the Dominican Republic

President of Copardom: “There is room for the growth of the Spanish hotel industry in the Dominican Republic. Projections for 2022 speak of an 8% increase in occupancy, the arrival of foreign tourists and foreign investment”

Taking advantage of the space for the growth of the Spanish hotel industry in the Dominican Republic and the 100% income tax incentive for hotel projects that obtain a license, the country has the goal of attracting 1.3 billion euros a year in Spanish foreign investment.

William Matías Ramírez, president of the Employers’ Confederation of the Dominican Republic (Copardom) and also of the Council of Ibero-American Entrepreneurs (CEIB), explained that in the Dominican Republic 56% of the investment in tourism is Spanish and that this country is the fourth that more foreign travelers emits.

He expressed that in the last edition of Fitur very important agreements were reached with Iberia or with tour operators and that boom must be capitalized on.

“There is room for the growth of the Spanish hotel industry in the Dominican Republic. Projections for 2022 speak of an 8% increase in occupancy, the arrival of foreign tourists and foreign investment.

tourism possibilities

Until now, tourism has focused on several specific areas, such as Punta Cana or Puerto Plata. But there are three areas that have a high attractive component and that are emerging as destinations in the future: Costa Ámbar, Miches and colonial tourism. These are the three sectors to which the foreign investor is being pushed so that investment can come”, emphasizes Matías Ramírez.

It also points out that the southern area is very poorly developed, with more than 500 kilometers of virgin beach. “We have to develop it in a sustainable and responsible way. If we succeed, we can even double the current hotel plant”, he said.

Matías Ramírez made these statements, which is reflected in a publication by the Spanish newspaper Cinco Días, regarding his participation in a bilateral summit whose objective is to increase Spanish investment in the Dominican Republic.

He expressed that in 2021 2,600 million euros in foreign capital arrived and it is estimated to grow by 8%. “There are very interesting projects. The largest investors by nationality are the United States, Canada, Brazil and Spain”.

He said that the country has potential for investments in agribusiness, mining and the electricity sector.

Copardom’s president stated that in agribusiness, our main value is geographic location. We are the ninth largest market in Latin America, with a qualified and relatively cheap workforce, with a system that guarantees legal certainty, and high-quality road and port infrastructures”.