Forum Explores Opportunities Between Puerto Rico And The Dominican Republic

  • Economic Intelligence Inc., a consulting firm based in San Juan, Puerto Rico, along with its subsidiary in Santo Domingo, organized a forum titled “Trade and Investment Opportunities” between Puerto Rico and the Dominican Republic.
  • The event aimed to convene a gathering of business leaders and government officials to foster increased investment and trade between the two largest economies in the Caribbean. Both countries boast a gross domestic product (GDP) of approximately RD$113Bn and PR$116Bn, respectively. Bilateral trade between the two islands stands at around $1,200Mn annually, with the current trade balance favouring the Dominican Republic at $400Mn.
  • An analysis conducted by economists Ellen Pérez-Ducy, the manager of the Economic Intelligence subsidiary in Santo Domingo, and Gustavo Vélez, CEO of the San Juan-based firm, underscored the vast potential for expanding this exchange. They emphasised that significant growth could be achieved with the right strategies, led by the private sectors of both countries with support from their respective governments.
  • Former Governor Luis Fortuño inaugurated the forum, highlighting the opportunities for both neighbouring islands to attract manufacturing and investments from the United States and Asia. This is driven by the need for “nearshoring” and the revival of the concept of twin plants.
  • The forum highlighted the need for skilled personnel in Puerto Rico to supply the Dominican Republic and explored potential collaborations in waste management and construction projects. The consensus among businessmen from both countries was that there are ample opportunities for collaboration in the technology industry and leveraging tourism marketing to attract new markets.
  • They emphasised that both islands are natural partners for cultural and economic reasons and emphasized that collaboration between businessmen and governments could unlock significant potential for increasing bilateral trade.

(Source: Dominican Today)