Gov’t announces trade mission to Dominican Republic later this year
Looking to promote and strengthen the presence and incursion of local companies into the Dominican Republic market, the Department of Economic Development and Commerce (DDEC, in Spanish), through its Trade and Export Program, is recruiting for the first in-person multisectoral trade mission since the start of the pandemic, from Nov. 30-Dec. 3, 2021.
“Currently, the Caribbean market offers an optimal situation to promote large-scale commercial exchange,” DDEC Secretary Manuel Cidre said.
“Also, it represents an opportunity to position ourselves as an ideal commercial partner to export products and services to all neighboring islands, especially the Dominican Republic. In this sense, the trade mission will seek to increase exports to this widely developed market and will offer business opportunities for Puerto Rican companies, particularly in the miscellaneous manufacturing, food, and services sectors, among others,” he said.
Entrepreneurs participating in the trade mission to the Dominican Republic will have an agenda of business appointments with potential clients for their product or service. In addition, as part of the event’s agenda, a workshop will be offered on the region’s market, its legal and logistics aspects, among other international trade topics.
They can also study the business climate, explore the market, make new contacts, and establish export strategies. Likewise, participants will be able to get an incentive to cover part of the travel expenses incurred in the mission. This incentive is granted through reimbursement and the presentation of evidence of expenses, the government agency stated.
The Dominican Republic is the tenth largest economy in Latin America and the largest in the Caribbean region. In general, Puerto Rico maintains a trade surplus with the Dominican Republic — Puerto Rico’s exports are greater than imports — except for 2020 when Puerto Rico’s imports were more than exports.
In 2020, total trade between the two markets was estimated at $858 million, exports represented about $396 million and imports $462 million, the agency stated.
Business opportunities with the Dominican Republic include medical supplies and equipment, pharmaceuticals, construction products, renewable energy systems (solar and wind), and hotel and restaurant equipment. In the last commercial mission to this neighboring island nation, 17 companies from several economic sectors participated, reporting projected sales of $7.1 million.