Dominican Republic and EuroChamber strengthen economic ties with new agreement

The Ministry of Industry, Commerce and MSMEs (MICM) of the Dominican Republic and the EuroChamber of Commerce have signed a Memorandum of Understanding, a significant move to enhance investment, knowledge exchange, and commercial ties between the Dominican Republic and the European Union’s private sector.

The agreement, signed by MICM head Víctor Bisonó and EuroChamber President Jean Marco Pou, aims to bolster bilateral economic relations. Bisonó emphasized the strategic importance of the European market for Dominican products, citing the $4.8 billion trade exchange in 2022, with Dominican exports at $1.1 billion and imports at $3.7 billion. Key exports include cocoa, bananas, rum, cigarettes, and medical instruments.

The Dominican Republic, noted by Bisonó as the Caribbean’s leading destination for European foreign direct investment, stands out for its political and economic stability, dynamism, and international presence. This agreement represents an opportunity to identify and overcome trade barriers, thereby streamlining exchange processes.

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