China and Dominican Republic strengthen ties

Dec 07, 2011 12:00 AM

Emerging as the second largest economy of the Caribbean, the Dominican Republic has had great commercial exchanges with the People's Republic of China, the second largest economy worldwide.
Rosa Ng Báez, representative of the commercial development office of the Dominican Republic in Beijing, spoke of the Dominican Republic's hope to strengthen relations between the Chinese and Dominican people and governments of the two countries on Dec. 6.

Main destination of Caribbean, Central American FDI
The Dominican Republic is the second largest economy in Central America and the Caribbean, with a market of 10 mm people and preferential access to markets of the United States, Central and South America and Europe.
Thanks to its strategic position and its inclusion in several free trade zones and economic partnerships, the Dominican Republic stands out as one of the main destinations of foreign direct investment in Central America and the Caribbean.

The Dominican Republic also has a privileged climate for businesses and investments, which is characterized by a modern and reliable regulatory framework and physical infrastructure developed and adjusted to the national production needs.
The country has an advanced telecommunications system, which is a major competitive advantage of the Dominican Republic.

The stability and maturity of the financial and insurance systems in the Dominican Republic provide foreign entrepreneurs security when they are establishing their investments in this country.
Similarly, the Dominican government also provides certain tax and financial incentives that make the country even more attractive as an investment destination.

World investments flocking to China
Nowadays, China offers optimal conditions for anyone wishing to do business. Since China's reform and opening up to the outside world, this Asian nation has become the unquestioned regional leader and holds the title of second largest economy in the world. China has the largest market worldwide, with 1.3 bn people and a low-cost labour force.
The rapid economic growth in recent years has increased the income of its citizens that has resulted in the emergence of a dynamic middle class. Experts have affirmed that China has one of the most attractive business and investment climates in the world.

Prosperous bilateral commercial exchanges
Between 2008 and 2011, more than 1,500 Dominican enterprises have imported all kinds of goods from China, including steel material, fertilizer, spare parts, household appliances, textiles, plastic toys and computers. Five Chinese firms are running businesses in the Dominican Republic -- Perilya, Huawei, ZTE, Jinchen and Yutong.
The total trade between the Dominican Republic and China for the years between 2008 and 2010 was $ 2.5 bn, of which 15 % ($ 373.5 mm) came from Dominican exports, while the remaining 85 % ($ 2.2 bn) are China's experts.

The Dominican Republic has hope for the future
"I hope that through the efforts of both sides we can establish formal diplomatic relations in the future. I am a Chinese descendant and I come to China as a representative of the Dominican Republic with the best desire to strengthen relations between the Chinese and Dominican people and governments of the two countries," said Rosa.
"I also hope that the Chinese can learn more about the Dominican Republic, visit and enjoy the natural beauty as well as invest in the Dominican Republic following the example of several Chinese companies who have established in the Dominican Republic."

The Dominican Republic's trade with China last year totalled $ 1.5 bn.
The Dominican Republic hopes to increase this amount and balance bilateral trade in a way that allows Dominicans to introduce their products in China, such as coffee, rum and cigarettes.

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