The Dominican Republic (DR) is emerging as one of the frontrunning economies in Latin America for foreign investment. In fact, the Organisation for Economic Co-operation and Development (OECD) has stated that DR has been the fastest-growing economy in Latin American and the Caribbean since 2010.
Since 2020, new governmental authorities have dedicated immeasurable time and resources to making important changes in order to attract foreign investment to the island. The new Law 47-20 of Public Private Partnerships and its implementing regulations bring forward a new framework for investment and foreign investment in the DR. The newly established General Directorate of Public Private Partnerships is working in unison with other governmental authorities to set up the guidelines for the processes by which public private partnerships will be presented by private actors for consideration by the government. Jiménez Peña (JP) participated actively in the discussions and drafting of Law 47-20 and its implementing regulations and has also been an active participant in the discussions of resolutions being implemented by the General Directorate of Public Private Partnerships.
The real estate and tourism industry has also been a top priority, with numerous new investment opportunities, and renewed efforts to develop real estate and tourism projects in the southern and the northern parts of the island, as well as important incentives for development. This includes the establishment of a trust (Pro-Pedernales Trust) in 2021 to develop the southwestern province of Pedernales with foreign investment. JP advises some of the major players in the hotel and tourism industry in all legal and commercial aspects for the operation and functioning of hotel chains, real estate projects and tourist developments in the DR.
Energy and renewable energy have also been a top priority in recent years and a big market for foreign investment due to the incentives established by law for renewable energy in the country. JP advises energy project developers, local and multilateral lenders; and is the only firm in the country with experience in all aspects of traditional and renewable energy projects, having worked with generators, the regulator, the state, and the distribution companies.
Free trade zones have also become a priority in order to generate employment after the Covid-19 pandemic. The government has supported and promoted the construction of new free trade zones and the expansion of existing free trade zones in the country to welcome foreign investment from companies that would like to take advantage of the incentives in the DR. JP represents both free trade zone parks and companies classified as free zones, including important companies in service free zones, commercial free zones and industrial free zones in the textile, aeronautical, food and beverage, jewellery industries.