CEI-RD are taking an active role to further stimulate the Dominican economy and to maintain and increase growth going forward
Exports and foreign investment have been consistent aids of economic growth in the Dominican Republic over the past decade, and a public company – the Dominican Republic Centre for Exports and Investment (Centro de Exportaciones e Inversiones de República Dominicana (CEI-RD)) has been responsible for managing this driving force. Danilo Medina’s government has suggested that this progress will continue, and as a result of this, he has positioned himself at the helm of CEI-RD as the new managing director.
Jean Alain Rodríguez is a young lawyer specialised in International Law and External Trade in both the private and public sector. After having worked as a consultant, advisor and director for some of the most prestigious institutions, law firms and companies in the country, Rodríguez has joined CEI-RD with the firm intention of building upon the socioeconomic development plan outlined by Danilo Medina.
In pursuit of reducing poverty, developing the country and creating a real middle class, the new government’s main goal is to create 400,000 new jobs over the next four years. CEI-RD has also set its own priorities: to double foreign direct investment (FDI) and global export figures in the Dominican Republic over the same period. CEI-RD’s calculations are clear. If the objectives are met, foreign investment would create 100,000 new jobs, and exports would create a further 32,000 jobs, thus meeting 33% of President Medina’s expectations.
The new director of CEI-RD argues that foreign investment is one of the greatest drivers of the economy and the greatest generator of quality employment in the country. Over the past seven years, the Dominican Republic has attracted $14 billion of foreign direct investment, and forecasts indicate that by the end of 2012, it will have attracted a further $3.5 billion. The institution aims to achieve $4.5 billion in FDI per year at the end of the government’s four year term, which is double the average for the last eight years.
In pursuit of this goal, the Executive Director of CEI-RD has announced an “aggressive campaign” to target investors, highlighting the attractiveness of the Dominican Republic abroad, including its strategic geographical location, economic stability, natural resources, and above all, its institutionalism and legal security. The strategy will involve the public and private sector, who will both have a say in the coordinated deployment of foreign investment along with export experts who will work together with the most prestigious Dominican lawyers, the chambers of commerce and the entire diplomatic and consular body abroad. CEI-RD itself will be in charge of training these government employees to become active business agents and creators of opportunities for the country.
Another important aspect of this project is exports, and the CEI-RD has proposed that this area is strengthened by implementing a sophisticated business information system which will include information on all companies which are able to export. The system will also include information on different products, production volumes and potential markets.
The plan will also involve SMEs so that they can initiate training programmes and form clusters in order to improve competitiveness and promote the quality of Dominican products abroad. According to Jean Alain Rodriguez, strategic links with local and foreign companies will be key to reducing costs and increasing efficiency in terms of transferring technology and know-how.
The CEI-RD is committed to a profound change in the management model of public institutions, where all resources and staff serve citizens and companies within the country, targeting investment and revitalising exports. According to the institution, this will provide the perfect conditions to create thousands of jobs and drive socioeconomic development in the country.
When being part of a generation on which the flag of entrepreneurship seems to be constantly waving in the sea of young professionals looking to succeed in the business world, more often than not, we tend to drown in the... Read More