Agreement on Promoting the Development of Renewable Energy

The Dominican government signed a Cooperation Agreement with Curaçao to Promote the Development of Sustainable and Efficient Energy. Through this agreement, the Dominican Republic and Curaçao have agreed to promote development in the mentioned areas by exchanging knowledge related to energy technologies and efficient use of energy produced from fossil fuels, or projects for the generation of clean energy. This agreement will bring together both countries for joint production of sustainable energy that will facilitate the enlargement of the economies involved.

Strategic Alliance with Puerto Rico

Dominican Republic and Puerto Rico have signed a strategic alliance to promote trade between them, to facilitate economic growth, employment and development. This alliance aims to enable enterprises of both countries to enjoy the commercial advantages offered by DR-CAFTA.

In the energy sector, the Alliance has provided for both governments to implement programs of production of bio-fuels such as ethanol and biodiesel and production of renewable energy with the idea of having Puerto Rico assemble the corresponding generating towers.

In the trade area, both governments agreed to hold meetings with the private sector, to strengthen economic exchange, to identify opportunities for mutual investment and promote the establishment of strategic alliances and commercial businesses.

Monetary Board Redefines Classification of Major and Minor Debtors

The Monetary Board, through its Second Resolution dated July 9, 2009, provided for amendments to the regulation in place with respect to Asset Evaluation in order to establish and consolidate a new criteria to identify major and minor commercial debtors, with the main objective of benefiting small and medium enterprises.

The provisions increased the threshold, from RD$10 millions to RD$15 millions, for the classification of a debtor as a minor commercial debtor. This, together with other changes adopted, seeks to favor minor debtors by creating new rules to enable most small enterprises to fall under this classification and better access financial credit. Minor debtors will now be evaluated based on previous defaults, instead of being evaluated on their capacity for payment, change which will make credit evaluation a more favorable process towards this category of debtors that have historically been overlooked by banks. It also relaxes the requirements for documentation and information for approving financing to smaller borrowers by financial entities.

Growing Dominican Exports to Chile

The director of the Center for Export and Investment of the Dominican Republic (CEIRD), Eddy Martinez Manzueta, met with the Ambassador of Chile in the country, meeting in which both officials expressed the interest of both nations to seek mechanisms to promote trade between them. The representatives of both countries expressed their interest in signing multilateral agreements and trade initiatives that will increase business and exports. The CEI-RD director indicated that Dominican exports to Chile last year exceeded US$15 million «amount which has doubled compared to 2007.»

Haiti and the Dr Looking to Boost Film Industry

The Center for Export and Investment of the Dominican Republic CEI-RD, together with the Dominican Association of Film (ADOCINE), Association des Cinéastes Haitienne (AHC) and the Associazione Nazionale Industrie Cinematografiche, Audiovisive and Multimediali (ANICA) signed an agreement cooperation to promote the film industry of the country and Haiti. He said the goal is to help develop the private sector of both countries by strengthening and developing the film and audiovisual industry.

Diplomatic Relations with Great Britain and Northern Ireland

The Dominican Republic continues to expand its international diplomatic relations with the accreditation of its first ambassador to the Republic of Northern Ireland. In presenting his credentials against the President of Ireland, the new Ambassador, Mr. Anibal De Castro expressed the interest of our country to strengthen bilateral ties with this nation.

Minimum Wage Increase

The National Wage Committee approved an increase of 15 per cent minimum wage, which has been approved with effect from June 1, 2009. Under this new scheme, the minimum wage payable by companies with an investment amount greater than RD$ 4 million is RD $ 8,465, for companies with investment between RD$2 and RD$4 million is RD $ 5,820; for companies whose capital does not exceed RD$2 million is RD $ 5,158. Minimum wage for farmworkers is RD$ 175.00 daily, for a ten-hour working day and RD$ 7,142 a month to security guards.