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The Dominican Republic, an island nation in the heart of the Caribbean, celebrated its 172nd anniversary of national independence from Haiti and burgeoning ties with Korea at a reception in late February.
At Lotte Hotel in Seoul on Feb. 26, Dominican Ambassador Grecia Fiordalicia Pichardo highlighted that her country has achieved political and social stability over the years, as well as 7 percent economic growth last year.
“The key to our sustained economic growth lies in our administration’s prudent policy under the leadership of President Danilo Medina, which has been widely acknowledged and commended by international monetary authorities,” she said in a speech.
“The Dominican Republic serves as a natural commercial intersection between the North, Central and South American markets, from our privileged location on the island of Hispaniola right in the heart of the Caribbean.”
The country’s legal guarantees, investment incentives, modern infrastructure and economic arrangements have allowed it to become a major destination for foreign direct investment in the region, she added. This includes free-trade agreements between the U.S. and Central American countries, and preferential trade agreements with the European Union and the Caribbean Community and Common Market.
The Caribbean country, with a population of nearly 10 million and per capita gross domestic product of about $6,500, has benefitted from tourism and agriculture, which saw increases in recent years.
Tourism is one of main drivers of economic growth in the Dominican Republic. The diplomat said her country aims to receive over 10 million tourists annually in the foreseeable future, up from the 5.6 million visitors last year.
On relations with Korea, Pichardo stressed that Santo Domingo and Seoul have expanded cooperation through joint projects and programs in the Dominican Republic, modernizing its customs and immigration control systems and public administration through e-government, as well as working together on gender policies, agriculture and environment.
Recently, the ambassador mentioned, the two countries have reached various agreements on education, wildlife, forestry, environmental protection, customs control, green technology and sustainable energy, building on more than 31 delegation visits on both sides last year.
Having assumed the pro-tempore presidency of the Community of the Latin American and Caribbean States (CELAC), the Dominican Republic will host over 20 international events this year, including the 46th General Assembly of the Organization of American States in June.
Korea, as an extra-regional associate to the Comision Economica para America Latina, will participate in the trilateral education seminar with CEPAL and CELAC in Santiago, Chile this year.
Noting the multisector commercial fair “DR Exports 2016,” which will be held in Santo Domingo this year, the envoy welcomed the participation of Korean businesspersons to explore opportunities in the Dominican Republic.
Chung In-gyun, director general of the international cooperation bureau at Korea’s Ministry of the Interior, indicated in a speech that bilateral trade reached $350 million in 2014 since establishing diplomatic relations in 1962, with more than 20 Korean companies investing in the Dominican Republic and creating more than 5,000 jobs.
The Ministry of Interior has provided support in e-government, establishing an information access center, e-customs system and intelligent transportation system, according to Chung.
The number of Korean tourists to the Dominican Republic has also risen every year, he added. They were attracted by the nation’s flamboyant festivals, exotic performances and hospitable personalities.
By Joel Lee (joel@heraldcorp.com)
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Articles by Korea Herald
