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FREE ZONES IN THE DOMINICAN REPUBLIC CELEBRATE 50 YEARS

14-08-2019

SANTO DOMINGO, Dominican Republic – On August 12th, 2019 the Free Zones of the Dominican Republic celebrated its 50th Anniversary, with a celebration held at the Salon las Cariátides of the National Palace, headed by the President of the Dominican Republic, Mr. Danilo Medina.

Over the course of 50 years, theDominican Republic's free zone program has evolved enormously, diversifying not only processes and sectors, but also export markets. Today, the Dominican Republic’s Free Zones operates 74 industrial parks which are home to 705 companies, generating more than 175,000 direct jobs and approximately 200,000 indirect jobs. It is estimated that companies that participate in the Free Zones provide an economic impact that is 10 times higher than the incentives extended to them. For every RD$1 granted to corporations in incentives, the Free Zones in turn provide RD$10 to the national economy, with a net benefit to the Dominican economy of USD$4.5 billion annually.

At the celebration President Medina recognized business leaders who operate in the Free Zones who have made great contributions to the local economy, innovation in transforming the production processes of their sector, in the strengthening and development of supply chains, initiatives and projects related to social responsibility, President Medina also awarded companies that have contributed significantly to the growth of exports and the generation of foreign exchange for the Dominican Republic.

To conclude the night, President Danilo Medina awarded Ms. Luisa Fernández, Executive Director of the National Council of Free Zones with the Country’s highest honor given to a public servant, for her exemplary service and dedication to the steadfast growth of the Country’s globally recognized Free Zone program.

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