Thursday, June 1, 2023

Despite political and economic stability, human capital is the main challenge in the Dominican Republic

A constant when talking about the attractions of Dominican Republic compared to other countries in Latin America and the Caribbean, is its political stability and economy. However, to surpass its peers in the region, capital and human talent will be essential for the Caribbean nation. This was explained by the managing partner of McKinsey & Company, Anthony Novas.

“When we decided to come to the Dominican Republic, and have presence With an office, the first thing we look at is the economic perspective. That’s why we say move our offices, which we have traditionally had in Argentina or Colombia, from where we work with the Dominican Republic”, he indicated during a thematic lunch held by the Association of Industries of the Dominican Republic (AIRD).

As he explained, the country has been one of the two countries that best development have presented in recent times, resulting in a growth in gross domestic product (GDP) and reduction of extreme poverty. “That gives us a very positive vision of everything we can do,” she said.

“If you ask us our perspective future (about the country), is very positive, and the next two or three years, we believe that this trend will continue,” he said, while explaining that the Dominican Republic has something that the vast majority of its countries do not have in the region. In this sense, in addition to political stability, it has a geographical position which he described as fantastic.

“Both at the level geopolitical as geographical, they are in the middle between Europe and the United States, Mexico and the rest of Latin America, and that position, with a consistent discourse to attract foreign capital, could take the next step” in terms of economic development.


However, for Novas, although many things can be done, “What gives you the leap it is also having that talent and human capital”. As he explains, it is a matter “very relevant”. He regretted that companies in which there are also many people, executives and talent from abroad need to develop this local factor.

So much for McKinsey & Companyas for other foreign companies, he reveals, finding that qualified human factor for the position in the country is a challenge, which is why investors bring this talent from other countries.

“Colombia or Brazil They have been very skillful in being able to bring in investment capital to develop a sector. They have also been able to present universities powerful with entrepreneurs with a lot of ambition”, he exemplified.

Despite this, he stressed that when he opened the dominican economy “We see that it is fantastic.” In this sense, he highlighted tourism. “It was something that nobody expected, incredible,” he said. He also highlighted the remittances “They have helped a lot.” In the case of free zones, he highlighted that they have developed “fantastically well in terms of manufacturing.”

Nevertheless, “the complexity” that the country presents “is the training of people to be able to go beyond that”. He understands that, consequently, there would be a greater component of technology.

He explains that training this talent is essential to develop some sectors.

education and development

“We were discussing it even before (starting the activity). There are two great themes that have been around for a long time in the Dominican Republic. is all the issue educational, how to improve it. It’s not something that those of us here are responsible for, but we have that obligation. To try to change ”, he highlighted.

He stressed the same would happen with the elderly care system, etc. “We have to start thinking about what system we would like to have in the next few years.” Other outstanding data during the event were the consumption of technology and renewable energy.

“North America and Europe it exports technology and exports a lot of it. If we go to Latin America, it produces 1%, so to speak in technology, while 8% is consumed, ”he said, while in the electricity sector he highlighted the drive for clean sources.


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