Santo Domingo.- The Export and Investment Center of the Dominican Republic (ProDominicana) signed an inter-institutional collaboration agreement to integrate the Single Investment Window into the Ministry of Energy and Mines with the purpose of facilitating the issuance of certifications for the sector in the country.
The agreement was signed by the executive director of ProDominicana, Biviana Riveiro Disla and the Minister of Energy and Mines, Antonio Almonte. This agreement aims to strengthen the business climate in the country, eliminating bureaucratic barriers, times and associated costs for local and international investment.
Riveiro expressed that this strategic alliance between ProDominicana and the Ministry of Energy and Mines It is crucial because the energy and mining sector is fundamental for the economic development of the Dominican Republic..
“Our country’s energy sector has experienced notable growth and increase in recent years, driven by a series of factors and policies that have contributed to improving generation capacity, diversifying energy sources and attracting investments.”, he pointed out.
Furthermore, he reported that during the period 2020-2023the flow of Foreign Direct Investment (FDI) in this sector it reached US$2,528.9 millionpositioning itself as the second with the highest flow, contributing 17.8% of the total FDI captured by the country in said period.
On your side, Antonio AlmonteMinister of Energy and Mines, expressed that this agreement will strengthen the promotion of attracting foreign investment in the national electricity sector, making it easier for investors to expedite the processes of licenses, permits and certificates for the installation of energy processes. installation of energy projects.
“Foreign investment has been significant for the deployment and expansion of renewable energy in the country. We need large-scale battery storage systems to have an infrastructure that allows us to compensate for the fluctuations that arise from the intermittency of the sun and the wind, which affect the stability of the electrical system, and this agreement will encourage the attraction of investments in the energy sector. energy«, said.
Almonte expressed his satisfaction regarding the agreement with ProDominicana, and highlighted that electricity is a backbone in the growth of the local economy, which is why it is extremely important to streamline the processes and procedures for foreign investors so that they can develop their energy projects in the country.
FDI Behavior in the Energy and Mine Sector
It is important to highlight that, in the year 2023this sector experienced its maximum historical value, registering US$1,071.1 million and year-on-year growth of 43.0% with respect to the previous year. Likewise, countries like United States, Spain, Germany and France They are among the main investors in the sector.
Regarding mining exports, from 2020 to 2023 this sector reached US$7,969. 7 million, with gold standing out as the main exported product followed by ferronickel, salts and minerals.
For the period January-May 2024mining exports totaled US$539.3 million, representing a growth of 5.8% compared to the same period of the previous year. In the case of gold in the period January-May 2024it represents a 9.64% total, equivalent to US$501.6 million and an interannual growth rate of 3.6%.
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