The mining and power generation industries account for 301% of foreign investment over the last decade, and both sectors annually rank among the top 10 contributors to the Dominican Republic's treasury.
SANTO DOMINGO.- During the American Chamber of Commerce of the Dominican Republic's monthly luncheon-conference, where the Minister of Energy and Mines, Antonio Almonte, was the special guest and speaker, AMCHAMDR President Edwin De los Santos highlighted the significant contributions made to the development of the country and the mining and electricity sectors.
At the luncheon, titled "Energy and Mining Transition: Challenges and Opportunities," De los Santos addressed the mining industry, a sector that has been crucial to Dominican economic development, generating thousands of direct and indirect jobs and contributing more than 1.81 trillion pesos to the country's Gross Domestic Product (GDP) over the past 10 years.
The president of AMCHAMDR also highlighted the positive impact of mining production in certain provinces, such as Sánchez Ramírez and Monseñor Nouel, where the mining industry has significantly contributed to human development, improving key indicators such as formal employment, access to homeownership, health coverage, and the reduction of extreme poverty.
“Mining, through significant and consistent investments in capital and human resources, has become an engine for the country's development, demonstrating enormous potential for sustainable growth. This sector directly influences exports and foreign direct investment, while generating quality jobs, bringing well-being to communities and new opportunities for development nationwide,” said De los Santos.
Regarding the electricity sector, the president of AMCHAMDR highlighted the importance of electricity as one of the fundamental foundations of national competitiveness, accelerating the attraction of investment in various areas that contribute to the growth of the national economy.
De los Santos affirmed that the country has made giant strides in the electricity generation industry and has consistently advanced, bringing in new investments for the construction of renewable energy generation plants. However, he acknowledged that significant challenges remain to achieve sustainability in the electricity sector and a stable service for the benefit of end users.
“The Dominican mining and electricity generation industries together have important elements, such as, for example, representing 301% of foreign investment in the last decade, and both sectors annually rank among the 10 largest contributors to the Dominican Republic's treasury, according to data from the General Directorate of Internal Revenue. Therefore, it is essential to ensure the preservation of the public policies that have enabled these economic success stories for the country… and to maintain the Dominican Republic's current position as a great place to attract greater investment in these sectors in a competitive and transparent manner, so that these investments can continue to contribute to the sustainability of public finances,” explained the president of the entity's Board of Directors.
For his part, William Malamud, Executive Vice President of AMCHAMDR, highlighted the need to achieve a sustainable energy transition due to its high environmental significance and the contributions it could make to continued economic growth and the health and well-being of future generations.
“Our greatest hope lies in an accelerated transition to renewable and alternative energy that will significantly reduce greenhouse gas emissions while providing affordable and reliable energy to a growing economy,” Malamud said.
The AMCHAMDR luncheon is made possible with the support of the member companies of the Chamber's Elite Circle: AES Dominicana, Barrick Pueblo Viejo, Cervecería Nacional Dominicana, Citi, HIT Puerto Río Haina, Grupo Humano, Inicia, Grupo Martí, Altice Dominicana, Grupo Rica, Grupo SID, Grupo Punta Cana, Grupo Estrella, and Squire Patton Boggs.
About the American Chamber of Commerce of the Dominican Republic (AMCHAMDR)
The American Chamber of Commerce of the Dominican Republic (AMCHAMDR) is a non-profit association, legally incorporated on November 8, 1923, that fosters a healthy investment climate based on access to knowledge, opportunities, and a culture of best practices for the socioeconomic and professional development of its members. AMCHAMDR is affiliated with the US Chamber of Commerce and is a founding member of the Association of American Chambers of Commerce in Latin America (AACCLA).
