Caribbean sees jump in visitors since pandemic began

DÁNICA COTO

Tue, March 7, 2023, 2:16 PM EST·2 min read

SAN JUAN, Puerto Rico (AP) — Tourists flocked to the Caribbean last year in numbers not seen since the pandemic began, with the Dutch Caribbean and U.S. territories like Puerto Rico surpassing even pre-pandemic visitor arrivals, officials said Tuesday.

More than 28 million people visited the region in 2022, a more than 50% jump compared with the previous year, according to the Caribbean Tourism Organization.

“It’s clearly apparent that even in the face of the devastating blows delivered by the pandemic, as a region, we have responded with hope, strength and determination to prevail,” Kenneth Bryan, the organization’s chairman, said during a news conference in Barbados.

The U.S. market drove more than 50% of arrivals to the region last year with 14.6 million U.S. tourists visiting — three million more than the previous year. Meanwhile, the number of European visitors nearly doubled to 5.2 million. Visits from Canadians, though, did not rebound as expected, with some 2.1 million reported.

Governments, tourism officials and local businesses in one of the most tourism dependent regions in the world celebrated the increase in visits.

“The Caribbean region (had) one of the quickest recovery rates in 2022,” said Neil Walters, the tourism organization’s acting secretary general.

Six islands and countries including Puerto Rico, the Dominican Republic and the U.S. Virgin Islands surpassed total pre-pandemic arrival numbers, Walters said.

The number of cruise ship visitors also soared last year, with 19.2 million visits reported, five times compared with the previous year. However, it fell short of the record 30.4 million visits announced in 2019.

Nearly all destinations reported an increase in visitors except for Haiti, which saw a more than 20% drop amid a spike in gang violence and political instability.

Bryan said tourism officials expect overall arrivals to the Caribbean to increase by up to 15% this year, possibly surpassing pre-pandemic levels. A record 32 million people visited the Caribbean in 2019, a number that dropped by 65% the following year when the pandemic began.

Banco Popular will promote Dominican tourism at the ITB Berlin 2023

Banco Popular Dominicano reaffirms its leadership and support for the development of Dominican tourism with its participation in the ITB Berlin International Tourist Exchange, which will take place from March 7 to 9 in Berlin, Germany. The financial entity will hold more than 20 meetings with tourism companies, investors, and relevant entities in the sector to specify business opportunities in progress or identify new ones.

During the event, Banco Popular will continue to strengthen its alliances, for which it will offer its traditional cocktail to businessmen and hotel investors and to the authorities of the Ministry of Tourism (Mitur) and members of the Dominican delegation present at this fair. Popular is the main historic sponsor of tourism in the Dominican Republic, with a track record of three decades contributing to the development of this industry, and as part of its catalytic role it actively accompanies the sector at international fairs, ITB Berlin is one of the first, in which it has participated since 2014.

In 2023, the German fair is reorienting itself to focus more on the B2B (Business to Business) segment or business between companies in the hotel, airline, tour operator, tourism, or vehicle rental sectors, among others. In this sense, the commercial exhibition will address a three-day program dedicated to business, content, and relationships between these professionals, with selected sessions that will be broadcast live through the itb.com portal.

Aerodom: Puerto Plata airport runway will close in May for works

Aeropuertos Dominicanos Siglo XXI (Aerodom) informed that the works of the second phase of repair and remodeling of the runway of the Gregorio Luperón International Airport (AIGL) of Puerto Plata would close the infrastructure to all air traffic between May 8 and 17, 2023.

The works to be carried out involve an investment of more than US$4.5 million. They will extend the useful life of the runway, as it will level its central section and improve operating conditions for aircraft, as well as receive wide-body aircraft without restrictions, which will favor the expansion of flights between Puerto Plata and Europe, as well as other long-haul destinations.

The dates for the works were selected taking into account traffic flows, which, according to a press release, are lower during the ten days of the year.

In addition, Aerodom has been working with the airlines and tour operators that operate in the terminal to guarantee a minimum of inconvenience to passengers during this period.

UNWTO says Dominican Republic is the brightest country in the world

The tourism event was formally inaugurated today with the traditional ribbon-cutting of the Dominican Republic stand by the Minister of Tourism, David Collado, businessmen, representatives of the main Dominican banks and hoteliers, and the gaze of visitors to this edition of the ITB Berlin 2023 international fair. The Minister of Tourism said that work was done here and that it is time to move forward and be innovative so that the Caribbean continues to talk about the Dominican Republic. The showy and colorful Dominican stand showed the Germans and Europeans the joy of the Dominicans with the song Dominicano Soy in the voice of Carmen Elena, who danced and sang in tune with the merengue, added to the immersive screens with beaches, coconut trees, whales in the high seas, fish and other attractions.

The president of Asonahores, David Llibre, highlighted the interest of the visit to continue growing in the German destination. Frank Rainieri valued the minister’s visit to Germany and highlighted his leadership in reaching this fair in a fundamental market for the development of the sector, which allowed it to grow as a tourist country. Rainieri pointed out the importance of rescuing this market together with the Swiss, and Italian and commented on the assessment of the “Roadshow” of the minister the night before. He asked to repeat that presentation in five European markets such as Frankfurt, Munich, Vienna, Zurich, and Hamburg. The executive vice president of Asonahores, Andrés Marranzini, also appreciated the importance of the ITB Berlin and congratulated Collado on the “Roadshow”.

Present at the inauguration of the stand was the ambassador of the Dominican Republic in Berlin, Germany, Francisco Caraballo; the president of Asonahores, David Llibre; the vice president of the entity, Andrés Marranzini; the administrator of the Reserve Bank, Samuel Pereyra; the vice president of international business of Banco Popular Dominicano (BPD), Juan Manuel Martín de Oliva; José Marte Piantini, director of the Civil Aviation Board (IDAC), and Frank Rainieri, president of the Board of Grupo Puntacana. Subsequently, the minister signed an agreement in which he announced that for the first time, the Republic will have a chair in the World Tourism Organization (UNWTO) since the 118th meeting of the UNWTO Council will be held in Punta Cana.

Air Europa will connect New York with Santo Domingo starting next July

Air Europa will expand its network of destinations as part of its expansion plan started in 2022, reinforcing its summer programming with a new connection between New York and Santo Domingo. The company, which has opted for long-haul Boeing 787 Dreamliners, as is the case in New York and Santo Domingo, affirms that it continues to increase its number of aircraft as part of its expansion plan. In addition, during the next summer season, making more than 65,000 seats available to passengers on four new routes in Europe and North Africa.

The operation begins on March 26 with the resumption of the route to Tunisia, where the Globalia Group will initially fly with two weekly frequencies to increase to three from June. In July, the airline will increase its network with Alghero, the city on the northwest coast of Sardinia where, as in previous years, it will have two weekly flights. Also from mid-July to mid-September, Air Europa will connect New York and Santo Domingo with two frequencies a week.

Santorini, Athens, Alghero, and Tunis will be operated by Boeing 737-800 aircraft, the model around which Air Europa has unified its entire short and medium-haul fleet.

Abinader arrives in Ecuador for the 6th meeting of the Alliance for Development in Democracy

The President of the Dominican Republic, Luis Abinader, arrived Sunday afternoon at the Mariscal Sucre International Airport in Quito Ecuador, at 4:42 in the afternoon, to participate in the VI Meeting of the Alliance for Development in Democracy (ADD), which will take place in the South American nation. According to a press release, the president was received by the ambassador of the Dominican Republic in Ecuador, Milady Cuello de Cabral, and the foreign minister of the Republic of Ecuador, Juan Carlos Holguín.

During this event, the Head of State will have several interventions and will hold bilateral meetings with his counterparts. The president traveled accompanied by the First Lady, Raquel Arbaje, the Minister of Foreign Affairs, Roberto Álvarez; the Administrative of the Presidency; Jose Ignacio Paliza; the head of the Presidential Security Corps (Cusep), Jimmy Arias Grullón, and his assistant Mercedes Pichardo.

The head of State of Costa Rica, Rodrigo Chaves Robles; the Vice President of the Republic of Panama, José Gabriel Carrizo, and the President of Ecuador, Guillermo Lasso Mendoza also attended.

“Dominicacn Republic is the paradise of the Caribbean”

The Minister of Tourism, David Collado, presented to more than 250 tour operators and travel agents present at the ITB-Berlin Fair, the diversified tourist proposal of the Dominican Republic, in an effort to ensure that more tourists continue to visit the country. In the customary roadshow, Minister Collado showed the main tourism players who attend the ITB-Berlin fair why they should promote and encourage their clients to visit the Dominican Republic, a “country that has it all.” “Today we are here, in the German capital, showing you why you should choose us as your favorite long-distance destination,” said Collado, who called on travel agents, tour operators, and airline representatives to become promoters of the beauty of the Dominican Republic, “a true paradise in the Caribbean”. 

The official thanked the loyalty of German tourists, who for years have chosen the Dominican Republic as their favorite long-distance destination. “For years the Germans have preferred our destination in the Caribbean and today I want to express my gratitude on behalf of the Dominican people, who have always given them their best smile,” said the Minister of Tourism. Collado presented his roadshow in the German capital, on the eve of the ITB-Berlin tourism fair, which begins today with the participation of more than ten thousand companies from 184 countries. The ITB Berlin is the leading professional fair for the global tourism industry and will be taking place in the German capital from March 7 to 9, 2023.

In the “Roadshow” held at the Kempinski Berlin hotel, impregnated with technology, with videos and the zoom platform with representatives of various tourist areas, Collado said that he came to Germany to reconquer the Germans, to return to 265,000 visits. He introduced them to the different tourist areas and new projects such as Miches, Punta Bergantín, Santo Domingo, and Pedernales, among others. In addition, he spoke with people from the sector located in Macao, Punta Cana, and other areas with strong sun and beaches in the background, while in Germany “snow frost” and a light drizzle have fallen and it is cold.

Collado recounted the impact of the Covid-19 pandemic, at which time the world came to a standstill and the airports were closed, there were no flights, and the decision he made before the Ministry of Tourism (Mitur) and the Government to implement a strategy that allowed the recovery of Dominican tourism, which earned the country recognition, including several from the World Tourism Organization (UNWTO). The UNWTO recognized the Dominican Republic as the number one country in the world in the recovery of tourism.

IMF projects Dominican Republic’s economy to grow 4.5%.

The International Monetary Fund (IMF) projects that the Dominican Republic will be the second fastest-growing country in Latin America this year, with an increase in the gross domestic product (GDP) in the order of 4.5%. At the same time, the World Bank and ECLAC expect it to grow by 4.8% and 4.7%, respectively.

The IMF also projects that the world economy will decelerate by 2.7% this year, and that of Latin America and the Caribbean will be 1.7% about 2022, according to data published in Empirica’s weekly bulletin.

“The main financial institutions foresee for the year 2023 scenarios of decrease. As a result, the countries of the region will once again face an unfavorable international context, in which a deceleration of global trade growth, higher interest rates and lower global liquidity is expected,” it indicates.

The World Bank projects that the Dominican economy will grow 4.8% this year, “well above the average for the region.” While for the rest of the world, it indicates that geopolitical tensions and increased adverse factors will affect the expansion of the economy. It projects that in Latin America and the Caribbean growth will be 1.9%, in the world 3.% and in the United States 0.5 percent,

While the Economic Commission for Latin America and the Caribbean (ECLAC) projects that the Dominican economy will have a growth this year of 4.7% and that the deceleration in Latin America and the Caribbean will be accentuated with a growth of 1.4% about 2022, while global growth will be 2.6% and in the United States 0.7%.

He adds that although this process is expected to end in 2023, to the extent that inflation expectations are anchored in each country, the effects of the restrictive policy on private consumption and investment will be present this year.

“International organizations such as the IMF, the WB and ECLAC have positive expectations for the Dominican Republic, placing it in a growth range of 4.5% to 5%, placing us in a much higher growth range than that estimated for the Latin American region.”

Taíno Bay received three cruise ships at the same time; for the first time

Three cruise ships docked simultaneously for the first time since the Taino Bay tourist terminal began operations in the bay of this municipality.

The cruise ships Seven Seas Splendor, NCL Encore, and the Celebrity Constellation disembarked 13,362 passengers, activating the productive apparatus of the Bride of the Atlantic.

In this way, Puerto Plata continues positioning itself as the best cruise destination in the Caribbean, according to the regional director of the Ministry of Tourism, Atahualpa Paulino.

The official highlighted the boom in cruise tourism registered in Puerto Plata, which translates into collective economic welfare in this destination on the North Coast.

He said that these three cruise ships anchored in the port of Taino Bay, the arrival of the Carnival Spirit liner at the Amber Cove terminal, located in the municipal district of Maimon, Puerto Plata.

Paulino did not reveal the number of passengers this last cruise ship brought nor the number of crew members that arrived in Puerto Plata.

This March, 67 cruise ships are scheduled to dock at the two terminals of the Bride of the Atlantic.

Tourist arrivals to the Dominican Republic increase by 17% in February 2023

The Minister of Tourism, David Collado, presented the number of tourist arrivals at the end of February, highlighting that this month was the best February in the history of the Dominican Republic, with more than 661,000 tourists by air and more than 250,000 cruise passengers.

He emphasized that Dominican tourism continues its record streak and that the outlook is that it will continue to be so this March since “not only was February the best month in the history of the arrival of tourists by air, but it was also the best February in the history of the arrival of cruise passengers, almost tripling the arrival of 2022.”

According to the data presented, the arrival of tourists by air was 661,088, representing an increase of 17% over the same month of 2022 and an increase of 9% over February 2019.

Likewise, regarding the arrival of cruise passengers, a total of 252,435 visitors arrived in the country, representing an increase of 116% in 2019 and almost 300% in February 2022.

The total number of consolidated visitors was 913,523 when those arriving by air were added together with those arriving by sea so that in the first two months of the year, more than 1.8 million visitors were received in the country. This figure is also a record.

In addition, the figures presented indicated that Bogota continues to climb as a tourist-origin city for the country, and has become the second most important city from which visitors come to the Dominican Republic, surpassed only by New York. As for the countries of origin, the top 3 are still the United States, Canada, and Colombia.

As for the destinations visited, 67% of the foreigners who came to the country in February stayed in the province of La Altagracia (Punta Cana, Bávaro, Bayahibe), 8% in Greater Santo Domingo, 8% in Puerto Plata, 4% in La Romana, 3% in Samaná and 2% in Santiago de los Caballeros.

As for hotel occupancy stood at 82%, well above the 75% of February 2022. And in terms of commercial flights, it was the first time in February 2022 that more than 5,000 flights were received: a total of 5,070 commercial flights were received in Dominican airports in February 2022, where the busiest airport was Punta Cana, followed by Las Americas Airport (AILA).

Collado also emphasized that the work being done by the tourism cabinet, led by President Luis Abinader and coordinated by him, continues to yield results thanks to the joint work of the Mitur team together with the private sector, especially the Dominican Association of Hotels and Tourism (Asonahores).

The minister was accompanied by the technical vice-minister of Mitur, Jaqueline Mora; the president and executive vice-president of Asonahores, David Llibre and Andrés Marranzini, respectively; Mónika Infante, director of Aerodom; Paola Rainieri and Rafael Blanco Tejera, former presidents of Asonahores, among others.

Abinader heads the first meeting of the “great nation pact” this afternoon

It is already the day of the first meeting of the “great nation pact” announced by President Luis Abinader in his accountability speech on February 27. It is scheduled for this afternoon at 4:00 for the president to meet with the national political leadership to begin the meetings on the pact to strengthen sovereignty and the situation in Haiti. The activity will take place in the Green Room of the National Palace, as detailed in the presidential agenda.

In his speech, he took advantage of the stage to call for a “great Nation Pact, for a firm, a strategic and uniform State policy that protects and trusts the Dominican people.” Although the confirmed political leaders who will attend the meeting are not yet known, there are high expectations about this conversation. He stressed that “the Dominican Republic in everything related to Haiti and its crises, must have a unified position or the broadest consensus.”

He reiterated that there is not and will not be a Dominican solution to the problems of Haiti, which must be resolved in that same nation through a “formula of shared co-responsibility that does not exclude Haitians, but that guarantees the commitment of those who owe the most and they can, among the most developed countries”. The purpose of the meeting is to “talk about the national agreement for the defense and protection of national sovereignty”, as he explained in his address.

661,088 foreign tourists arrived in the Dominican Republic in February

More than 661,000 tourists arrived in the Dominican Republic by air, while more than 250,000 did so through cruise ships this month of February, which places this month as “the best” in historical terms, according to the Ministry of Tourism. “Not only was it the best February in history for the arrival of tourists by air, but it was also the best February in history for the arrival of cruise passengers, almost tripling the arrival of 2022,” he remarked. Together with the vice minister, Jaqueline Mora, she presented that the arrival of tourists by air represents an increase of 17% compared to the same month of 2022 and an increase of 9% compared to February 2019.

Likewise, regarding the arrival of cruise passengers, 252,435 visitors arrived in the country, an increase of 116% compared to 2019 and almost 300% compared to February 2022. The total number of consolidated visitors was 913,523 when those who arrived by air are added together with those by sea, with which in the first two months of the year more than 1.8 million visitors have been received in the country, a record. According to the figures presented, Bogotá continues to climb as a source city of tourists for the country and became the second most important city from where visitors come to the Dominican Republic, only surpassed by New York. Regarding the issuing countries, the United States, Canada, and Colombia continue to lead the first three places.

Regarding the destinations visited, 67% of the foreigners who came to the country in February stayed in the La Altagracia province (Punta Cana, Bávaro and Bayahíbe), 8% in Greater Santo Domingo, and 8% in Puerto Plata, 4% in La Romana, 3% in Samaná and 2% in Santiago de los Caballeros. As for hotel occupancy, it stood at 82%, well above the 75% of February 2022. As for commercial flights, it was the first time that the month of February exceeded 5,000 flights, with 5,700 registered at Dominican airports, with Punta Cana being the busiest, followed by Las Américas Airport.

Cibao Airport begins direct flights between Santiago and Madrid in June

The Cibao International Airport announced this Friday, June of this year marks the start of a direct flight between Santiago de los Caballeros, in the Dominican Republic, and Madrid, Spain. The route, which will be operated by the airline World2Fly, will have a weekly frequency, every Wednesday, to offer more and better air connectivity opportunities to Dominicans and foreigners. The flights of the new route begin on June 21 from the Adolfo Suárez Madrid-Barajas Airport to the Cibao Airport.

Félix García, president of the Board of Directors of the Cibaeña terminal, stated that the start of this route is a sign of the confidence that Wold2Fly executives have in a community that grows and develops with the potential of this destination. The businessman thanked the management of the VDT Group – Air Consolidator and Travel Wholesaler to achieve the start of that flight.

He also predicted that these operations will be successful. Executives of the airline informed that they already have the sale of tickets available on their website open.

Water Observatory evaluates availability in dams in the face of seasonal drought

The members of the Water Observatory assured that the country’s dams have enough water to guarantee the demand of the aqueducts and ensure the harvest of crops already planted, although they called on the population to make rational use of the resource and must coordinate with the Agricultural Cabinet for the next crops. The information was offered during the weekly meeting, held this Wednesday at the headquarters of the Dominican Hydroelectric Generation Company (Egehid). The meeting was called to analyze the weather forecasts regarding the current seasonal drought, its prospects for the next three months, and the availability of water in the reservoirs for different uses.

The meeting was headed by the holders of Egehid, Rafael Salazar; the executive director of the National Institute of Hydraulic Resources (Indrhi), Olmedo Caba Romano; the director of the National Meteorological Office (Onamet), Gloria Ceballos; the director of the Santo Domingo Aqueduct and Sewerage Corporation (CAASD), Felipe Suberví, and the executive deputy director of the National Institute of Potable Water and Sewerage (Inapa), Wascar Martínez.

During his speech, Salazar stressed that knowing the prospects of the climatic condition, they will be able to carry out more efficient management of the water from the reservoirs to guarantee its availability until the rainy season arrives. In addition, he emphasized that more dams are needed in the country, which will allow for a greater capacity to manage the variability of river flows.

Hodelpa plans to open two new hotels in Samaná and Punta Cana

Angel Hernández, Vice President of Operations at Hodelpa Hotels, informed that the hotel chain plans to add two new properties to its portfolio, the first in Samaná, a destination where it is not present, while the other project would mark its return to Punta Cana. He explained that in Samaná they have designed a project under the Emotions by Hodelpa brand that will have 750 rooms, under the all-inclusive system, but with a high-level offer. He indicated that it would be the first complex starting from scratch that would have the brand. “We have the design, the land, and the permits, what we hope is the ideal moment to start the project; Above all, we understand that we need an international tour operator that bets on the destination so that it has a good push”, he added.

He expressed that this is due to the hotel’s proximity to the Samaná airport, which will be located precisely in Las Galeras, “but we understand that we need some kind of alliance to make the project more successful.” Hernández also stated that the other project will be in Punta Cana in Uvero Alto, it would consist of 1,200 rooms and its construction will be divided into two stages, carrying out 850 rooms in the first one. “It is a longer-term project, remembering that Hodelpa was already in Punta Cana with other projects that were later sold, but we do have plans to return to the East area again,” he emphasized.

The manager recalled that Hodelpa has 10 properties, contributing 1,700 rooms to the tourism sector; of this: 9 are hotels and one establishment that operates as a convention center: 2 in Juan Dolió, 3 and the convention center in Santo Domingo, 3 in Santiago and 1 in Puerto Plata. With the addition of the 2 new projects, in time, the hotel company would increase its portfolio to 12 properties.

Urgent need to establish a road connecting Santiago to the Southern Region

The Association of Industrialists of the Northern Region (Airen) urged the establishment of a road connecting Santiago with the Southern Region and considered that connectivity between the provinces is one of the country’s main challenges.

He also asked for a better connection between Santiago and Monte Cristi and a new road to communicate Santiago with Puerto Plata.

The entity’s president, Juan Ventura, affirmed that connecting the Northern Region with the South should be a priority because it increases the intra-regional commercial exchange and considerably reduces costs and time.

He stated that fundamentalism should be left aside and that no construction project does not affect the environment. He urged to look for a middle ground and resume the Santiago-San Juan de la Maguana highway construction.

Christian Reynoso, vice-president of Airen, emphasized that now that the development of the Southern Region as a tourist pole is being promoted, the importance of the connectivity of these provinces should be considered because this would lead to significant development, creation of companies, an increase of employment and decrease of logistic costs.

“If there were a Santiago-South connectivity we would be closer to the border posts and our second trading partner is Haiti. And now we have to get to the Capital and then to the border. In other words, Santo Domingo, which is a headache, is also decongested”, he said.

Monte Cristi – Santiago
Ventura expressed that it is a headache for this highway, which has 73-speed bumps (lomos) or “lying policemen” on the Santiago-Navarrete street to Monte Cristi.

He said that they have discussed it many times with President Luis Abinader and hopes that their claims will be heard because that is vital for the seaport of Manzanillo.

“You cannot have development with anachronisms and if you want to develop Monte Cristi you must make that road and eliminate those 73 stops that increase fuel and brake costs and others,” he said.

He added that this road would connect Manzanillo with other provinces of the Northern Region.

Santiago – Puerto Plata Highway
While participating in the Economic Meeting of HOY, the directors of Airen also expressed that they are looking forward to making this “Amber Highway” a reality to connect these provinces in 30 minutes.

Ventura emphasized that there are three cruise ports in Puerto Plata, and others are under construction.

He indicated that the province could not receive so many tourists, so it is urgent to expand to other provinces of the Cibao where there is a diversified and complementary tourist offer.

He said that this access road is vital as a link between tourism, agribusiness, industry, and communities in the Northern Zone, and it is a priority to create this synergy.

Economy is indicated as the area of the greatest achievement of the Government

More than half of the 79 pages of the third Accountability speech were dedicated to reviewing what the Government considers achievements in economic matters in the current administration of President Luis Abinader. The president began by outlining the annual growth of 4.9% of the gross domestic product (GDP) obtained in 2022, growth that he said is higher than the average for Latin America and that the country has surpassed Ecuador in GDP, adjusted for purchasing power parity, which makes it the seventh largest economy in Latin America. He outlined that the level of international reserves closed in 2022 at US$14,436 million and the currency appreciated by 2%, contrary to the depreciation observed in other countries.

The president also highlighted foreign direct investment, which he said had unprecedented figures with more than US$3.95 billion for a growth of 27% compared to 2021. He pointed out among the achievements of his management the reduction of public debt interest payments by RD $ 5.5 billion, as a result of the appreciation of our currency and the liability management operation. At the end of 2022, the consolidated debt with respect to GDP was 59.1% and he said that “when we took office in August 2020, this indicator was 61%.” The president spoke of the growth in collections by 15.3% and that these resources have been used to protect the purchasing power of workers. “We have allocated RD$240 million daily just to protect Dominican families,” said the president in his speech.

He said that the government’s fiscal policy actions, combined with the necessary and timely restrictive monetary policy measures, managed to reduce inflation, but he did not specify how much it is currently. He indicated that the economic scenario that the country is experiencing has led to a new milestone that puts it closer to Investment Grade, after the risk agency Standard & Poor’s improved its credit rating, raising it from “BB-” to “ BB”. He reviewed the achievements of Banco de Reservas, an entity that he said has a 38% share in the financial market; from Refidomsa, with US$63 million in benefits in 2022, and from Punta Catalina, which he exposed, reported more than US$220 million in dividends and a record production of 4,701 GW/h of energy, becoming one of the most efficient plants in the system.

Puerto Plata, in the sights of investors motivated by Business Forum

The Puerto Plata Business Forum, to be held from March 7 to 8 at the Blue JackTar hotel convention center, will host a delegation of business people from Puerto Rico, Canada, and the United States, as well as from different parts of the DR, have confirmed their participation in the business meeting that seeks to promote investment opportunities in the northern region.

In this regard, Mileyka Brugal, president of the Chamber of Commerce and Production of Puerto Plata and the Industrial Free Zone of the province, reported that the vice president of the Republic, Raquel Peña, and the Canadian ambassador, Christine Laberge, among other personalities, have confirmed their presence at the event.

“Puerto Plata is in the sights of investors, interested in being part of the moment that our region is living, in the business opportunities that are created from the growth experienced by our cruise industry and, above all, the large number of projects being implemented by both the public sector and the private sector,” he said.

He indicated that “it is the best moment to take advantage of the investment opportunities offered by the Bride of the Atlantic, a province that has the adequate infrastructure to invest in any business area, with ports, airport, financial and logistic structure for all kinds of undertakings.”

The conference will feature presentations by the executive director of Prodominicana, Biviana Riveiro, as well as the general director of Public-Private Partnerships, Sigmund Freund, economist Emile de Boyrie, Daniel Liranzo, executive director of the National Council of Free Zones, Miguel Angel Jimenez of the Free Zone Council of Puerto Plata, Carlos Veras businessman who promotes a sustainable alternative in the production of footwear and Gerardo González Núñez, author of the book, Tourism in the Caribbean, present and future, among other speakers.

Different projects and investment opportunities will be presented during the day, generating spaces for the coordination of interviews between promoters and investors in each initiative to be shared at the forum.

Tobacco exports reached 1.236 billion dollars

Santiago. The country’s tobacco industry and its derivatives, such as premium and machine-made cigars, had record exports last year, reaching US$1.236 billion, with a growth of more than US$200 million.

This increase was due to the demand for the product due to the shortage of Cuban cigars and the pandemic period, which caused many people to look to the aromatic leaf for emotional support and mental health, according to businessman Hendrik Kelner, president of the Association of Cigar Producers of the Dominican Republic.

The businessman interviewed Hoy reporters in the framework of the inauguration of the fifteenth version of the international Procigar Festival in Central Park here.

Ministry of Economy reports reduction of monetary poverty in the Dominican Republic

According to estimates by the Interinstitutional Technical Committee on Poverty, the general monetary poverty rate was reduced by 2.1 percentage points in 2022. Despite the inflationary scenario, the economic and employment recovery reduced the number of people and households in general monetary poverty.

The Minister of Economy, Planning and Development, Pavel Isa Contreras, announced that, despite the inflationary scenario, at the close of 2022, monetary poverty in the country was reduced by 2.1 percentage points concerning 2021.

“Estimates made by the Inter-Institutional Technical Committee on Poverty Measurement indicate that overall monetary poverty in the Dominican Republic went from 23.9% in 2021 to 21.8% in 2022, for a reduction of 2.1 percentage points,” he said.

He added that in plain terms, despite the aftermath of the pandemic and international inflation, 200,000 Dominicans increased their income and acquired a basket of essential goods and services that allowed them to live decently, something they did not achieve in 2021.

This behavior resulted from the Dominican economy’s good performance during the year and increased employment. Particularly noteworthy was the fourth quarter, where he said a general monetary poverty level of 19.6% was recorded, the lowest ever observed in the country, representing a milestone.

“That reduction in monetary poverty levels was the result of the strong increase that was verified in employment and in people’s labor income due to the economic growth observed and the impact of the increase in government monetary transfers to poor or vulnerable households through Supérate.”

According to estimates by the Interinstitutional Technical Committee on Poverty, the reduction in overall monetary poverty would have been 3.6 percentage points higher had it not been for the higher-than-normal inflation experienced in 2022 due to increases in international prices of hydrocarbons, food, and raw materials. In other words, had it not been for this external factor, 340 thousand of people would have overcome monetary poverty.

According to Isa Contreras, these figures are consistent with the behavior of the Dominican Republic’s labor market, which shows a drop in unemployment and an increasing trend in formal jobs during 2022, indicating the country’s good economic performance after the pandemic. According to MEPyD estimates, this performance will continue to be favorable by 2023. However, the informality rate remains high, representing a challenge to improve the working conditions of employed people, as in the rest of the region’s economies.

The minister reiterated, however, that these promising results are not enough and emphasized the government’s commitment to redouble efforts to leverage economic growth further to improve people’s quality of life by accelerating the creation of decent jobs, improving the quality of public services, and tackling inequality.

About the bulletin

In the coming weeks, the Ministry of Economy, Planning and Development (MEPyD), in coordination with the National Statistics Office (ONE) in the framework of the Inter-Institutional Technical Committee on Poverty, will be releasing the Official Statistics Bulletin on Monetary Poverty, which will present in greater detail the evolution of poverty in the Dominican Republic for the period 2000-2022, with emphasis on 2021-2022.