• population - 9 million

• one of the biggest markets in the caribbean and central american region

• Tourism is the leading foreign exchange earner. Over 4 million tourists visit every year.

• Remittances from expatriates are over 3 billion dollars.

• free-trade-zone manufacturing of textiles accounts for a large portion of exports to USA . Nearly 200,000 are employed in the free zone, which is diversifying into footwear and other products.
• sugar is an important part of agriculture and industry.

• ferro- nickel mining and exports is a growing economic activity. silver and gold are also available.

• major export items: ferro-nickel,sugar,gold,silver,coffee,cocoa,tobacco apparels and light engineering goods from the export zone.

• largest organic banana producer in the world.

• A pharma co called as Magnachem has discovered a new drug molecule and registered for patent in some countries including USA.

• 60 percent of pharma needs of the country met by local producers.

   

Bilateral Trade (US $ million)

• Principal items of India ’s exports : Pharmaceuticals, chemicals and engineering products

 The Government and private sector of DR are keen to do business with India. Many delegations from DR have been visiting India since 2005. The government is interested specially in the IT sector,pharmaceuticals and attracting Indian film production.

Article - Dominican Republic - destination for business and businessplus

 This was written in March 2007 by the author of the website and it was published in BusinessLine newspaper

For those Indian businessmen who will raise their eyebrows at the mention of business with Dominican Republic , here is a fact which should open their eyes. It is the largest importer among the 21 countries in the Central American and Caribbean region. Their imports in 2006 were 11 billion dollars. Even a mere one percent share of the total imports is a significant 110 million dollars. Indian exporters can achieve this target and exceed it easily if they target this virgin market seriously.

DR, as the Dominicans call their country, has a population of 9 million and a GDP of 30 billion dollars. The macroeconomic fundamentals are strong and healthy. The economy has been growing over 8 percent in the last two years, among the highest growth in the whole of Latin American and Caribbean region. The government has put in place investor-friendly policy framework and is keen to attract foreign investment. The economy which was earlier dependent upon sugar, coffee and tobacco exports has now been diversified with the growth of industries and tourism. Light engineering goods and textiles exported out of the Free Trade Zones have exceeded the traditional exports of primary commodities. Total exports of DR in 2006 were six billion dollars. They get annual tourism revenue of 4 billion dollars and 3 billion dollar of remittances from the Dominicans settled in USA .

DR offers a port of entry to the US market with its FTA, closeness and good connectivity. There are 13 daily flights to US cities and Miami is just 90 minutes away. DR is an Associate member of SICA, the Central American Regional Economic Group, which is integrating towards a Customs Union. The strategic location of DR bridging the Caribbean and Central American regions, makes it an ideal hub for doing business in the two regions.

The government of DR has been bitten by the IT bug. They are keen to develop DR as a near-shore IT service and delivery centre. They have set up a large cyberpark complex which offers infrastructure and world class telecom facilities. Call Centres and BPOs in English and Spanish have started operating from there. The demography of DR is perfect for IT business, since most of the population is young with an average age of twenty four. Although Spanish is the official language, English is popular, thanks to the influence of the large Dominican community in USA . Dominicans have come to work in India too ! There are thirty of them working in a BPO in Hyderabad .

What about political stability? After having gone through military dictatorship and instability in the past like many other Latin American countries, DR has now become a stable democracy with solid instituitions and practices. DR is free from the crime and violence which affects some of the countries in the region.

The government of DR is very seriously courting Indian business. The IT and Investment Minister Eddy Martinez has visited India four times in the last two years. The Foreign Minister was in India in 2006 with a large business delegation. DR has opened an Embassy in Delhi since 2006. The Embassy issues one year multiple entry business visas on the same day of the application and is proactively promoting business between the two countries.

In the last two years, Indian companies have started entering DR market. A pharmaceutical delegation visited DR in 2006 and has come back with orders and optimism. Some IT companies are exploring the possibilities of setting up BPOs and IT Delivery Centres.

Besides business opportunities, DR offers businessplus attractions too. Golf is the first among them. Some of their golf courses are among the best in the world. Teeth of the Dog golf course in La Romana resort is among the top fifty in the world. Six fairways curve into the Caribbean sea with the greens guarded by waves,wind and rocks. While this is intimidating for the beginners, good golfers enjoy the thrill of these challenges. The other three top courses are the Dye Fore, Capcana and Playa Grande, considered as the Pebble Beach of Caribbean .

La Romana, Punta Cana and Puerta Plata are the popular beach resorts. These are also the holiday residence of celebrities such as Brad Pitt, Angelina Jolie and Shakira. Another luxury resort for the rich and famous is being developed by Donald Trump.

DR is a favourite destination for honeymooners, who find a romantic and invigorating ambience among the shining silver beaches, greenish blue Caribbean waters, lush tropical greenery, delicious sea food and the friendly hospitality of the local people

DR is where Merengue music and dance was born. It is a vigorous variation of Salsa. The Dominicans drop everything and start dancing when they hear this lively and joyful music. Juan Luis Guerra and Mily Quezada are the famous Merengue singers.

For those interested in literature, there is the writer Julia Alvarez, who gives a vivid description and flavour of the Dominican society in her novels, essays, children’s books and poems. Her philosophy sums up the DR way of life “You go where your life takes you and the song comes out of that adventure”.

Dominican Republic was one of the countries where Columbus landed in his first voyage in1492. He christened it as Hispaniola  and promptly claimed it for the Spanish crown. He returned to the island the following year and established an European settlement, the first-ever in the Americas .  Hispaniola became the spingboard for the subsequent Spanish conquest of Caribbean and the Americas . Here is the inspiration for Indian business !