ProDominicana recognizes Grupo Piñero for its contributions to the Dominican Republic's economy
- Grupo Piñero projected investment in the Dominican Republic of up to US$70 million for the development of tourism projects during 2023.
Santo Domingo, September 11, 2023. In an event held at the headquarters of the Central Bank, the Export and Investment Center of the Dominican Republic (ProDominicana), organized the second award ceremony in recognition of foreign direct investment in the country, in an event headed by the President of the Dominican Republic, Luis Abinader.
During the event, the track record and contributions of foreign companies that have decided to invest and reinvest in the country, betting on the development of the Dominican Republic in priority areas, were recognized. Grupo Piñero was among the 12 foreign-owned companies that received this recognition for their contributions to different sectors of the national economy.
The President of the Republic was accompanied by ProDominicana Executive Director Biviana Riveiro and European Union Ambassador Katja Afheldt.
Encarna Piñero, executive vice president and CEO of Grupo Piñero, received from the corresponding authorities the recognition for Grupo Piñero as a great foreign investor committed to the constant development of the Dominican tourism industry and the country itself.
In this regard, Encarna Piñero remarked: “The Dominican Republic is of immense value to our Group; we firmly believe in the country's future and potential for tourism as a catalyst for social, economic and environmental development. The support and commitment shown by the government to the industry gives us the confidence to continue investing in what we have considered our second home for many years now.”
At the start of 2023, Grupo Piñero projected investment in the Dominican Republic of up to US$70 million for the development of tourism projects. This was evidenced by the recent opening of the Group's most innovative sustainable luxury product: Cayo Levantado Resort.
It is important to remember that Foreign Direct Investment (FDI) is one of the main sources of foreign currency and employment generation and a tool to boost the economy. According to figures from the Central Bank of the Dominican Republic, in 2022 the country reached a record amount of FDI, with a growth of US$813.6 million (25.5%), obtaining a total of US$4.01 billion.
In addition, during the same period, the tourism sector accounted for 25% of total FDI flows, being a key industry for the country's economic growth and leading in attracting foreign investment, surpassing the figure of US$1 billion, a historic amount in this line of business.