The existence of a healthy investment climate, with laws on foreign investment that allow competition in almost every sector of the economy, providing for 100 percent capital repatriation and granting equal treatment for both national and foreign investors are among the many reasons why the Dominican Republic has been able to attract investments from around the globe, said Ambassador Miguel Hernandez of the Embassy of the Dominican Republic in the Republic of China.
Hernandez said, "The country's advantages are great and many including political and macroeconomic stability, a highly trained skilled labor, competitive operating costs, superb telecommunication infrastructure, risk-free industrial operating zones environment, competitive fiscal and financial incentives, strategic geographic location, easy accessibility, lowest turn over rate in the region, fastest growing economy and multilateral trade agreements."
The most important legal achievement of the Dominican Republic is its renovated judicial system. This is a major guarantee for the solution of any possible conflict.
Foreign investment is regulated by Law 16-95, which gives both foreign and national investors equal status. Full repatriation of capital and profits are allowed. Free currency convertibility as well. Labor codes, tariff and income tax laws have been updated to cope with modern business practices worldwide to keep investors highly competitive.
The Multilateral Investment Guarantee Agency (MIGA) and the Overseas Private Investment Corp (OPIC) secure foreign investment in the Dominican Republic.
Investments
The Dominican Republic is an ideal location for local, regional and transnational business. The country provides a wide range of incentives to attract foreign investments.
At the present moment, there are hundreds of multinational foreign companies that have set foot in the more than 40 industrial parks found in the Dominican Republic's free zones. Taiwan investments are mainly concentrated in textiles, footwear and plastics. The Taiwan investments enjoy innumerable concessions, privilege and incentives, such as the exoneration of different kinds of taxes, etc...
The Dominican Republic offers numerous comparative advantages like special, abundant and cheap labor manpower, its proximity to North American market, modern infrastructure especially in telecommunications, a stable democracy, absolute security and repatriation of profits.
Total Taiwan investments in the country exceed over US$100 million. The 50 Taiwan companies generate working positions for approximately 5,000 Dominicans.
The Dominican Republic offers an advantage for investments in textile manufacturing as the US Congress has granted the country textile equality with the Mexican plants covered by the US free trade agreements with Mexico and Canada.
Areas where Taiwan entrepreneurs can invest in the Dominican Republic include in such industries as electric energy, mineral, high technology, tourism, sugar cane, textiles, electronics, housing construction, agroindustry, footwear, financial institutions / banks, fishing, communications and telecommunications, general infrastructure (aqueduct, hydroelectric,), factories to manufacture suitcases, sports gear, plastics, cartons and paper, natural flowers, constructive materials (aggregate: sand, gravel, cement), sanitary printed paper.
Major exports of the Dominican Republic to Taiwan include green coffee, cigar, zippers, the wastes of aluminum, paper and copper, fresh and weather-beaten skins and needles of biopsy, and arts for suitcases. From 1996 to 2000, the total accumulated amount of Dominican Republic's exports to Taiwan amounted to US$5.2 million.
The principal products imported from Taiwan to the Dominican Republic are diverse texture, tires for vehicles (autos, trucks, buses, vans, motorcycles), buoys and floats of nets of fishing, screws and accessories of general technical utilities, inner tube for tires of vehicles, plastic tape, plants and cotton-made shirts, monosodium glutamate, insecticides and wood.
Tourism
The natural beauty and rich historic past of the Dominican Republic has made it one of the most important tourist destinations in the region. More than three million tourists visit the country annually mainly from Europe, North America, Asia.
Ideally located in the Caribbean, the Dominican Republic is easily accessible from any point of the western hemisphere. The country's incomparable beauty includes more than 500 miles of beaches with crystal-clear waters featuring white sand and crystalline. There are numerous historical, colonial treasures and museums waiting to be discovered by tourists. Eco-tourism is also very popular with tourists who love to explore nature.
Travelers can relish in typical native dishes as well as a myriad of international cuisine. There are also different kind of artistic and musical representation, traditional dance performance, carnivals held throughout the country.
With more than 50,000 modern hotel and resort rooms, excellent scenic mountains, fascinating beaches, diverse attractions and the hospitality of the Dominican people, it is no wonder that that tourism has become one of the nation's most important resources.
Art and cultural exchanges between the Dominican Republic and Taiwan is flourishing. The two countries have held painting exhibitions as well as group presentation of traditional dances of both countries.
Moreover, both countries have participated in the recent worldwide baseball series.
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