Foreign investment in D.R. tourism remains stable despite pandemic crisis
Foreign Direct Investment (FDI) is one of the main sources of foreign exchange income, job creation and dynamization of the Dominican Republic’s economy, and it continues despite the Covid-19 pandemic.
According to official statistics from the Central Bank (BC), during the last 10 years, foreign exchange income from foreign direct investment was US$25,372 million, which generated an annual average of US$2,537 million, maintaining a stable and sustainable rhythm.
During the period from 2019 to June 2020, about 80% of Foreign Direct Investment, was concentrated in the following sectors: tourism, real estate, electricity, trade and industry and free zones; the remaining 20% is due to: telecommunications, mining, financial sector and transportation.
Tourism investment maintains its leadership thanks to the great attractiveness of the sector, with important projects coming from Spain, the United States and Mexico. The real estate sector is in second place (17%) due to the strong growth and development of the country’s urban and tourist areas. In third place, the electricity sector stands out with an amount of 804.4 million dollars, which shows that we are following the world trend in the development of renewable energies.
The tourism sector has incentives for its development through Law No. 184-02, Law 266-04 and Law No. 195-13 for the Promotion of Tourism Development.
Regulation No. 74-02, which approves the second Regulation for the Application of Law No. 158-01 dated January 29, 2002. In this sense, companies established with tourism projects are exonerated one hundred percent (100%) of: Income Tax, National and Municipal Taxes on construction permits, including the acts of purchase of the land, and Import Taxes and other taxes applicable to equipment, materials and furniture that are necessary for the first equipment and start-up and the tourist facility in question.
During the period 2010 to September 2020, Foreign Direct Investment in the tourism sector reached US$5,562.9 million, which represents 20.3% of the global amount of FDI attracted by the Dominican Republic in that period.
Translated with www.DeepL.com/Translator (free version)
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