World Country Guide

Business Profile

Economy
Sugar, coffee and cocoa are the main agricultural cash crops. The mining industry produces ferro-nickel, gold and silver. These primary products are the basis of the Dominican Republic’s economy and its main export commodities. Exploration of other potential deposits has been underway since the early 1990s but, although some gold and silver has been located, the expected oil deposits have failed to materialise. Industry is mainly concentrated in production of food and drinks, chemicals and refining of imported oil. In the service sector, tourism has had a major impact on the Dominican Republic’s economy during the last 20 years and now contributes one-sixth of total output. The economy grew slowly but steadily during most of this period, but has recently experienced some problems. Growth turned negative in 2004 and unemployment rose to 16.5 per cent, while the Dominican peso has lost a third of its value against the dollar. (A major cause is the collapse of the international sugar market.) The country relies on substantial foreign aid, principally from the USA and the Inter-American Development Bank. The Dominican Republic is a member of CARICOM, the major regional reading bloc. The USA is substantially the Dominican Republic’s main trading partner, followed by Venezuela, Mexico, The Netherlands and Japan.

Business
It is usual for businesspeople to dress smartly and to deal formally with each other at first, although the general atmosphere is informal. Spanish is the main business language and a knowledge of it will be of assistance. Enquire at hotel for interpreter services. Office hours: Mon-Sat 0800-1200 and 1400-1800. Government office hours: Mon-Fri 0800-1500.

Commercial Information
The following organisation can offer advice: Cmara de Comercio y Produccin de Santo Domingo, Apartado Postal 815, Arz. Nouel 206, Santo Domingo (tel: 682 2688; fax: 685 2228; e-mail: camara.sto.dgo@codetel.net.do; website: www.ccpsd.org.do).