President Luis Abinader participated as a guest speaker and guest of honor at the traditional March luncheon of the American Chamber of Commerce of the Dominican Republic (AMCHAMDR), where he affirmed that the Dominican Republic today is stronger, more prosperous, and more prepared for the future than ever.

In this regard, the president called on Dominicans to be filled with confidence, celebrate the country's achievements, and continue working passionately for a better future; "because we know that future development will not come by itself. Development is built; and we have already begun."

During his speech, titled "The Dominican Republic in the Context of New Global Trade Trends," he asserted that there are reasons for optimism in the country, as a result of the country's strong economic performance.

In that order, he highlighted that the growth rate of the Gross Domestic Product (GDP) last year 2024 at 51TP3Q, well above the Latin American average of 2.51TP3Q, consolidates the Dominican Republic as one of the fastest-growing economies in the region, which he said, lays the foundations to achieve the ambitious goal of doubling the size of the economy in the next decade and reaching a per capita income of US$$15,000.

"Our economic stability, social peace, and reform agenda have made the Dominican Republic the leading recipient of foreign investment in Central America and the Caribbean. In 2024, we will reach a record foreign direct investment figure of $4.512 billion, marking the third consecutive year with foreign investment exceeding $4 billion," Abinader emphasized.

The head of state maintained that these results in terms of foreign investment, projected tourism revenue, the positive performance of remittances, and the growing demand for and acceptance of export goods, as well as a controlled level of public spending deficit, allow them to be optimistic about the stability of the dollar exchange rate.

Regarding the bilateral relationship between the U.S. and the Dominican Republic, he said that historically, the Dominican Republic and the United States have shared a vision of collaboration for the economic development of both nations, and that this relationship will continue to bear fruit.

"The United States has been, and continues to be, our main trading partner. More than 531% of our exports last year went to the US market, reaching $6.914 billion, and a considerable portion of our imports come from that country," he revealed.

Currently, he stated, he sees no structural reasons that would lead him to believe the Dominican peso would depreciate significantly. "In 2024, the current account deficit was 3.31% of GDP, or $4.167 billion, fully covered by foreign direct investment, which exceeded $4.5 billion."

He explained that foreign exchange earnings last year reached $43.8 billion, and this year they are projected to increase to $45.6 billion.

He said this is in addition to the best year in the country's history for exports, with a total of $13.852 billion, equivalent to a growth of 7.11% in Q3 compared to 2023 and 23.81% in Q3 compared to 2019. They project exports to exceed $17 billion over the next four years.

The president also referred to the case of gold, whose price, he indicated, exceeds $3,000 an ounce and has a direct impact on public finances, since the higher the price, the higher the tax rate the country receives.

"The presence of rare earths in our territory is also a source of wealth that adds to the Dominican Republic's extensive heritage. The set of minerals that make up what is defined as rare earths has a variety of uses and applications, whose demand and market value are comparable to or greater than that of precious metals," he said.

Noting that companies seeking to reduce logistics costs, improve delivery times, and ensure safe production find the Dominican Republic an ideal location to expand their operations, he stated, "Thanks to our participation in agreements like DR-CAFTA and our trade relationship with the United States, we can offer optimal conditions for more companies to relocate their supply chains to our country."

He asserted that U.S. companies have trusted the Dominican Republic as a safe and profitable investment location and have invested in strategic sectors such as tourism, free trade zones, manufacturing, energy, mining, and financial services.

"To all these companies, and to those yet to come, we reiterate today our commitment to continue strengthening a favorable business climate based on transparency, stability, and legal certainty," he stated.

For his part, Edwin De los Santos, President of the AMCHAMDR Board of Directors, participating in his final luncheon as president of the business association, stated that the country continues to evolve very positively in various sectors, highlighting the opportunities for economic and commercial growth in the Dominican Republic.

De los Santos welcomed the recent decision by U.S. authorities to lift the sugar export restriction to the Central Romana Corporation. "Congratulations to the authorities of the United States and the Dominican Republic for their tireless work to achieve this important result. It's a win-win for the country and for bilateral trade between the Dominican Republic and the United States."

This luncheon was attended by prominent figures such as Vice President Raquel Peña; the Speaker of the Chamber of Deputies, Alfredo Pacheco; the Minister of the Presidency, José Ignacio Paliza; the Minister of Administration of the Presidency, Andrés Bautista; the Minister of Industry, Commerce and MSMEs, Víctor Ito Bisonó; the Minister of Education, Luis Miguel De Camps; the Minister of Energy and Mines, Joel Santos; the Minister of the Interior and Police, Faride Raful; the Mayor of the National District, Carolina Mejía; and the Chargé d'Affaires of the U.S. Embassy in the Dominican Republic, Patricia Aguilera.

This business luncheon was supported by companies in AMCHAMDR's Elite Circle, including Citi, Grupo Rica, Squire Patton Boggs, Barrick Pueblo Viejo, Inicia, AES Dominicana, Grupo Humano, HIT Puerto Río Haina, Grupo SID, Grupo Puntacana, Altice, Grupo Estrella, Grupo Viamar, DP World, Claro, and Banco Santa Cruz.