Business Dominican Republic |
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Statistics • GDP: US$28.3 billion (2005, World Bank). • Main imports: Food, petroleum, cotton, chemicals and pharmaceuticals. • Main exports: Ferronickel, sugar, gold, coffee and cocoa. • Main trade partners: Canada, Colombia, Japan, Mexico and USA. Economy Agricultural cash crops and the mining industry form the basis of the Dominican Republic’s economy and are the country’s main export commodities. Other industrial investments are food, drinks, chemicals and the refining of imported oil. Tourism now contributes one-sixth of total output. The economy experienced some problems with growth and unemployment in 2003. At the same time, the Dominican peso lost a third of its value against the dollar. (A major cause was the collapse of the international sugar market.) Strict fiscal targets agreed in the 2004 renegotiation of an IMF standby loan helped President Fernandez stabilise the country’s financial situation. The economy is growing respectably but unemployment remains a difficulty. Another problem is income inequality; the poorest half of the population receives less than one-fifth of GNP, while the richest 10% has nearly 40%. The country relies on substantial foreign aid. The Dominican Republic is a member of CARICOM, the major regional trading bloc. Business Etiquette It is usual for businesspeople to dress smartly and to deal formally with each other at first, although the general atmosphere is informal. Some formal events may require wearing a tuxedo or a white suit. Spanish is the main business language and a knowledge of it will be of assistance. Hotels can usually assist with interpreter services. Office hours: Mon-Sat 0800-1200 and 1400-1800. Government office hours: Mon-Fri 0800-1500. Commercial Information Cámara de Comercio y Producción de Santo Domingo Apartado Postal 815, Arzobispo Nouel 206, Santo Domingo, Dominican Republic Tel: 682 2688. Website: www.ccpsd.org.do
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