Mumbai, Jan 31 (IANS) With its free trade agreements and preferential market access to the US and European Union, the Dominican Republic in the Caribbean offers a duty-free gateway for Indian companies desiring for business ties with the US, Europe and Latin America, the country’s visiting president said here Monday.
Dominican Republic President Leonel Fernandez said his country is one of only six countries in the world with FTA and PMA to the US and the EU with very flexible rules of origin.
‘We also have preferential access to over 878 million customers worldwide and are in a position to offer a tremendous advantage for companies doing business in our country,’ Fernandez said while addressing an interactive session by the Confederation of Indian Industry (CII) here Monday afternoon.
Besides these, he mentioned a sound judicial system in Dominican Republic, a social political and macro-economic stability, a productive and highly competitive infrastructure aided by attractive government incentives and excellent human resources.
The visiting dignitary remarked that it was surprising most Indian companies were not focusing their attention on Latin America and the Caribbean, which have been experiencing the best performance since 1960.
‘I believe people of both countries could benefit from exchange of knowledge, experiences and ideas from the import and export of goods and services as well as the flow of more FDI and cooperation. Our economies are rather complementary and many win-win opportunities are truly within our reach,’ Fernandez stressed.
Speaking on the occasion Sunil Bhandare, member, CII (WR) economic affairs sub-committee and adivsor (economic & government policy) to Tata Strategic Management Group, pointed out that several Indian companies have already set up base in the Dominican Republic.
‘The Dominican Republic provides us with a platform to explore not only the markets of their country, but also various other markets with which they have economic cooperation and free trade agreements,’ Bhandare said.
He added that the Dominican Republic offers many opportunities for export to third world markets, and a very positive policy support and framework in terms of tax benefits and incentives exist that is clear, positive and inspiring for those that want to do business.
He highlighted the strategic and financial need to increase the avenues through which the two countries can increase their economic relationship and have greater degree of collaborative arrangements.
During the interaction with the Dominican Republic president, a high-level business delegation and politicians interacted with the captains of Indian industry.
The Dominican Republic in the Caribbean occupies the eastern two-thirds of the island of Hispaniola, which it shares with Haiti. It has a population of 9.65 million.
