DR’s Vice President highlights 14.3% expansion in manufacturing sector
Santo Domingo’s Vice President Raquel Peña reported yesterday according to Central Bank statistics the local manufacturing sector experienced a year-on-year expansion of 14.3% in the first half of the year, making it the third fastest growing activity in the entire Dominican economy. She assured that President Luis Abinader is committed to promote new opportunities in industry.
The Vice President highlighted manufacturing generated 24% of the total tax revenues in the first half of 2021, or RD$72.66 billion. More than 138,000 people have formal jobs in manufacturing. The Vice President says the state is giving priority to the sector. “We are convinced that we need to work together, the public sector and the private sector. We know that to have sustainable industrial development, we need a state that accompanies, regulates and generates conditions for growth,” she said.
The manufacturing sector gathered for the “We Are All Industry,” organized by the Association of Industries of the Dominican Republic (AIRD) and the Ministry of Industry and Commerce. Testimonies were presented on the progress of manufacturing in the country.
Minister of Industry, Commerce Víctor (Ito) Bisonó said that industry is synonymous with resilient, formal and quality jobs. He announced that 100% of the jobs lost due to Covid-19 lockdown had been recovered as of July of this year.
“Between January and June of this year, the local manufacturing sector achieved a 34% increase in sales compared to 2020 and 25% compared to the same period of 2019 (before the pandemic),” Bisonó said.
The linkages between local manufacturing and free zone manufacturing are increasing. Bisonó said: “It is worth noting, that local manufacturing sales to free zones for the first half of 2021 have increased by 2.41 billion; 31% over 2020 and 39% over 2019.”