BRITCHAM’s Dominican Week in the UK 2023
November 21, 2023
Our partner, Urania Paulino, participated in the tenth (10th) edition of the Dominican Week in the United Kingdom, organized by the British Chamber of Commerce in the Dominican Republic (BRITCHAM RD), the Dominican Embassy in the United Kingdom and the Embassy of the United Kingdom in the Dominican Republic, which took place the week of November 13-17. Urania attended both on behalf of the firm and as Coordinator of the Legal Committee of BRITCHAM RD.
More than 100 businessmen and government officials joined together to promote trade and cultural exchange between the Dominican Republic and the United Kingdom, with the main focus on positioning the country as a Global Logistics and Nearshoring Hub. In addition, multi-sectoral issues such as tourism, capital markets and insurance were addressed.
The week began with a key meeting between representatives of BRITCHAM DR, the Dominican Embassy and the British Embassy with the UK Department of Export and Finance. Possible facilities to increase investment and promote exports between the two countries were explored. Amauris Vásquez, president of BRITCHAM RD, and Ambassadors Elnio Durán and Mockbul Ali highlighted the importance of this tenth edition to reach governmental agreements to strengthen commercial relations and promote cultural exchange.
On the second day, it was revealed that UK Foreign Direct Investment in the Dominican Republic amounted to $82.3 million dollars between 2018 and 2022. The Director of ProDominicana, Biviana Riveiro, and the Deputy Director of Customs, Daniel Peña, provided details on trade exchange and investment. Overall trade between the two nations grew by more than 15% in the last year and quadrupled in the last decade. Riveiro mentioned that direct investments continue to flow, exceeding USD$25 million in 2023, while commercial exchange experiences a boom, increasing from $294 million in 2021 to $540 million in 2022. In addition, British tourism reached a milestone in 2022 with almost 200 thousand visitors. Daniel Peña highlighted the achievements of the Dominican Republic as a Logistics Hub, with 24-hour clearance of goods, a new customs law, modernization of X-ray machines and simplification of bureaucratic processes.
During the agenda of the Dominican Week celebration, the Forbes Event: Capital Markets and Financial Stability in the Dominican Republic also took place, where the Superintendent of the Securities Market, Ernesto Bournigal Read, gave a lecture on the opportunities in the regulation of the new capital markets in the Dominican Republic. In his lecture, the Superintendent addressed at length three focal points: the Dominican economy and its main macroeconomic
variables, the Dominican securities market, its development and highlights, and finally, what the Dominican Republic offers to international investors.
During the third day, in a forum with the participation of Frank Elías Rainieri, President of Grupo Puntacana, and Julia Simpson, President of the WTTC, investments in the Dominican Republic for sustainable tourism and public-private collaboration were highlighted as keys to success. Rainieri stressed the importance of continuing to invest in improving infrastructure and promoting tourist attractions. Julia Simpson praised the Dominican Republic's progress in sustainable and cultural tourism, highlighting the country's ability to offer unique experiences.
