Santo Domingo, Dominican Republic – President Danilo Medina declared 2018 the Year of Export Promotion. He issued Decree 437-17 today with the aim of promoting exports and an export-oriented culture.
For these purposes, the head of state urges public and private institutions to collaborate with the Ministry of Industry, Commerce and MYPIMES (MICM).
Likewise with the Export and Investment Center of the Dominican Republic (CEI-RD), the National Council of Export Free Zones (CNZFE) and the National Competitiveness Council (CNC).
Sources of foreign currency and job creators
Exports constitute one of the main pillars of economic development, being an important source of foreign exchange and one of the main job-generating activities.
“In accordance with the provisions of paragraph 2 of article 50 of the Constitution of the Republic, it is the duty of the State to promote national plans that promote competitiveness, with the purpose of promoting the comprehensive development of the country,” the decree says.
Likewise, in accordance with Law 1-12, which establishes the National Development Strategy 2030, the Dominican State must promote the export sector on the basis of competitive insertion in international markets, as well as promote higher levels of investment, both national as a foreigner, in activities with high added value and capacity to generate jobs.
Government priority
"It is a priority for the Government to promote policies aimed at identifying and promoting strategic sectors, product lines and new markets to increase exports and attract foreign investment."
BANDEX and public financing best practices
One of the Government's active policies to promote the export sector is the National Export Bank, BANDEX.
Its purpose is to support export capacity by offering financial services to contribute to the development and well-being of Dominican society.
To this end, it has developed a series of financial products and services that strengthen the export sector, through innovative and specialized alternatives that boost the exportable supply of the Dominican Republic.
Decree 437-17 urges working towards an export culture in the country and BANDEX is committed to the development of good financing practices by Dominican businesses since their operations are subject to all the provisions of the Monetary and Financial Law, which governs other financial intermediaries, as well as the special rules issued by the Monetary Board and the Superintendency of Banks.
Opening new markets
The decree of the Executive Branch indicates that it is also a national priority to promote exports, investments and tourism through the opening of new markets, the diversification of the exportable supply and the internationalization of small and medium-sized companies with an export vocation.
