The Dominican Republic is in a unique position to harness its economic potential through public investment in Special Economic Zones (EEZ). These zones offer tax and regulatory incentives designed to attract investment and foster development in key strategic sectors, such as technology, manufacture advanced and the tourism.
It must be taken into account that in the world there are more than 5,000 Special Economic Zones that represent more than 42% of the world exportsreceiving more than 20% of Foreign Direct Investments, generating around 69 million specialized jobs.
Now, how could this strategy benefit the country economically and raise its position worldwide?
If we focus part of the public investments on promoting the development of innovation, such as technology and advanced manufacturing, we could catalyze the creation of emerging industries and encourage the adoption of cutting-edge technologies, and we would not only diversify the country’s economy, but also that we would also reduce dependence on traditional sectors, stimulating the creation of high-quality jobs and increasing our global competitiveness index.
For this development of the SEZs, tax and regulatory incentives play a key factor, by offering advantages on tax exemptions, customs facilities and streamlined administrative procedures, thus achieving a favorable environment for Foreign Direct and national Investment, attracting large companies interested in establish operations in the country, generating a constant flow of investment and contributing to the sustainable economic development.
Benefits for the Dominican Republic
In the first place, the creation of jobs in sectors that depend on innovation would raise living standards and drastically reduce the unemployment rate, in addition to specializing the demand for professions and technicians in the country. Similarly, the increase in economic activity resulting from the establishment of new companies and the expansion of existing ones would contribute to the growth of the gross domestic product (GDP).
Second, we would position ourselves as a center of innovation and development in Latin America, since as we attract more investment around strategic innovation sectors and foster collaboration between local and international companies, our global profile would rise. This would not only generate interest from investors and entrepreneurs, but could also attract international events and conferences, cementing our reputation on the world stage.
While it is true that there are challenges due to the changes brought by the new generations and the global economy, including the development of sustainable operations, the new industrial revolution and the digital economy, our country is in a key position to transform their economy by taking advantage of investment in the development of these areas, specifically addressing these challenges. The strategies that I have discussed in this article would not only benefit the nation economically, but would also position us as a benchmark in innovation and development in Latin America and the world, reinforcing our influence on the international scene, advancing towards a future of development. sustainable economic.