“Dominican Republic is a Guaranteed Investment in the Tourism Sector”

In the midst of the crisis gripping the world’s economy, the Dominican Republic’s tourism sector is offering one of the best investment options for local as well as foreign investors. This statement was made by Deputy Tourism Minister Fausto Fernández at the “Tourism Market in the Sector” exhibition held as part of the annual meeting of the SMS Latin America Firm in the Hotel Oasis Hamaca of Boca Chica.

In the midst of the crisis gripping the world’s economy, the Dominican Republic’s tourism sector is offering one of the best investment options for local as well as foreign investors.

Fernández said that tourism contributes some $4.2 billion dollars to the economy and around 200,000 stable jobs as a result of its constant growth, according to the Press and Communications Office of the Tourism Ministry (SECTUR).

“The Tourism Ministry is determined to attract and work with investors who want to come and develop their ideas and share a common destiny with the Dominicans. We will do everything in our power to help them carry out their projects,” he said.

Fernández Fernández revealed that there are some 95 tourism real estate projects in the country with a total investment in excess of $14 billion dollars projected over the next five years. In addition, there are projects to build 12 golf courses and to promote tourism in the mountain areas.

For this reason, he said, SECTUR has made a commitment to support this part of the Dominican economy, with participation in international tourism fairs such as the ones in Spain, England, Germany, the United States and other countries in an effort to attract new investors.

Fernández stressed that investments in tourism have such strong support that they are 100% tax free according to Law 158-01. In addition, he said the Ministry of Tourism is implementing a Territorial Organization Plan in those tourism zones that merit it and, above all, it is undertaking programs that seek to integrate communities through the development of ecotourism.

He called on members of the SMS Firm to recommend the Dominican Republic as a destination country for investment, especially in tourism where the private as well as the public sector work should to shoulder to find the best solutions to the challenges presented by the current international economic situation.

SMS Latin America is an organization made up of independent professionals in the area of auditing, consulting and accounting who have a presence in 26 countries through their 1,448 offices. They chose to hold their annual meeting in the Dominican Republic this year, the first time ever to be held outside of Argentina.

Deputy Tourism Minister Fausto Fernández speaking at the seminar organized by the International SMS Firm .

Fausto Fernández, Alfredo Spilzinger, Pedro Chalas, Pablo San Martín and Rolando Reyes.