Exports

Pursuant to Decree No. 174-90 a Presidential Committee for the Promotion of Exports was created in order to evaluate the performance of the sector and develop a unified and consensual export policy. This body, which will be headed by the President and composed by individuals from both the public and private sectors, has the duty to review and propose strategies for the promotion of exports, in accordance to the economic and social needs of the country, and identify tools necessary for the establishment of policies aimed at improving the value added of export goods.

Public Works

The president Leonel Fernández opened, in the Eastern Region of the country, seven major water projects built with a total investment of RD$ 2,403 millions for the benefit of a population of over 613,000 inhabitants, including multiple aqueducts in La Romana, built through the National Institute of Potable Water and Sewage (INAP). It was also informed that the construction works on the second stage of the aqueducts of La Romana and Hato Mayor are nearing completion, with the purpose of finally resolving the drinking water problems in both provinces. Furthermore, the Ministry of Public Works announced the start of construction to rebuild the highway stretch Salcedo- Montellano, in the municipality of Salcedo, Hermanas Mirabal province, with an investment of RD$200 million. The road has a length of 18.5 kilometers and includes the construction of works and drainage systems.

Dominican Economy

The Secretary of Finance reported that the flow of foreign investment in the Dominican Republic grew by 83% last year 2008 compared to 2007. This amounted to around US$2,884 million. Furthermore, the Superintendent of Banks, in a presentation on the «Prospects for the Financial Sector in 2009 and its impact on the Dominican Economy,» predicted that the Dominican economy could register a positive growth this year, despite the global financial crisis. He said that low interest rates that the industry has been experiencing would stimulate growth of the loan portfolio, mostly from the second half of 2009.

Assistance Agreements

The Chancellor of the Dominican Republic signed an agreement with the foreign minister of Taiwan which provided that our country will be assisted by Taiwanese volunteer specialists in economics, culture and the environment. This agreement aims to promote technical cooperation and strengthen ties of friendship between the two countries. On the other hand, the Dominican Republic and Puerto Rico have agreed to sign, over the coming months, an agreement on cooperation in the areas of education and culture. This agreement will include provisions on the purchase of Ethanol to the Dominican Republic and the creation of a tourist air corridor between both countries.