The European Union will support smart investments in sustainable transport, digital transition, water and sanitation in the country

This is an automated translation of the original release published in Spanish.

Release from the Presidency of the Dominican Republic.

Santo Domingo. - The Dominican Government and the European Union presented the Global Gateway strategy to promote smart investments in the country in priority areas such as sustainable transportation, digital transition, water and sanitation.

Headed by the Vice President of the Republic, Raquel Peña, and the European Commissioner for International Associations, Jutta Urpilainen, the presentation event took place at the headquarters of the Ministry of Foreign Affairs, where representatives of the public and private sectors, as well as various international organizations and cooperation agencies, learned about the operation and opportunities that the Global Gateway strategy represents for the Dominican Republic.

Vice President Raquel Peña stated that the Global Gateway strategy offers opportunities in terms of investments to maintain the momentum for sustainable development and promote economic growth, innovation and environmental resilience.

Peña said she was sure that the European Union's Global Gateway strategy will also play a fundamental role in strengthening economic and cooperation ties.

“The European Union is a key partner for the Dominican Republic and, in the current context, which has revealed the increasing interdependence of States and regions of the world, it is necessary to deepen cooperation in order to achieve these goals, take advantage of technological changes and fight to reduce inequalities,” said the vice president.

For his part, the Minister of Economy, Planning and Development, Pável Isa Conteras, explained that the EU-LAC Investment Agenda of the Global Gateway initiative includes four projects for the Dominican Republic, in the areas of urban transportation infrastructure, wastewater, green bonds and cybersecurity.

He added that the Dominican Republic could also benefit from two regional projects for the Caribbean on support to improve maritime connectivity and the search for solutions to the sargassum crisis , in order to turn it into an economic opportunity.

“Our National Development Strategy 2030 recognizes the importance of attracting investments, both national and foreign, to promote the economic and social development of the country. To this end, it focuses on improving the investment climate and strengthening legal security. These actions are being promoted by the Dominican Government, through policies and measures that include the simplification of administrative procedures, the creation of tax incentives and the improvement of the business climate for foreign investors,” said the economist and academic researcher.

Decades of development support

In her closing words, the Vice Minister of International Cooperation of the Ministry of Economy, Olaya Dotel Caraballo, highlighted that, for more than three decades, the European Union has supported the Dominican Republic in the development of key sectors, in addition to promoting trade and investment and, likewise, promoting a fair and inclusive digital green transition.

“We value the fact that, in addition to financial assistance, Global Gateway intends to emphasize contributing the experience of the European Union to the development of sustainable infrastructure, combining financial instruments with operational instruments, such as technical assistance and political and economic dialogue, in order to contribute to creating better conditions to attract quality investments,” said the vice minister.

On an international level

The European Global Gateway strategy seeks to promote smart, clean and secure links in the digital, energy and transport sectors, as well as strengthen health, education and research systems around the world.

In Latin America and the Caribbean, the Global Gateway Investment Agenda was presented at the EU-CELAC Summit on July 17, 2023 , where some 130 projects were presented and the European Commission announced the mobilization of 45 billion euros in the next four years in the region.