Dominican Republic’s Economic Ties: How the Dominican Community Abroad is Boosting the Internal Economy through Remittances and Tourism


Dominican Ambassador Highlights Diaspora and U.S. Impact on Economy.

In her address at the Capitol, the Dominican ambassador, Sonia Guzmán, highlighted the significant impact of the Dominican community abroad on the internal economy of the Dominican Republic. She emphasized that based on Central Bank figures for 2023, the country received remittances amounting to US$10,157.2 million. Notably, approximately US$8,532 million, accounting for 84% of the total remittances, originated from the Dominican community established in the United States.

The ambassador also pointed out that while exports from the Dominican Republic to the United States have not decreased overall, there has been a reduction in mining exports due to a decline in production and prices. Furthermore, she highlighted that the United States holds the top position in issuing non-resident foreign tourists to the Dominican Republic, constituting 46.8% of the total tourists received by the country.

Guzmán emphasized that bilateral trade between the two nations reached US$18,072 million in 2023. The ambassador clarified that despite this increase in trade, there has been a decrease in exports from both countries due to factors such as changes in market conditions and economic policies. She urged both nations to work together to find solutions and continue strengthening their relationship as primary trading partners.

Overall, Guzmán’s speech shed light on how important it is for both countries to maintain their relationship and support each other’s economies through increased trade and tourism.

It is worth noting that Guzmán also mentioned how important it is for both countries to address issues such as drug trafficking and illegal immigration that affect their mutual interests.

In conclusion, Sonia Guzmán’s speech at Capitol emphasized how vital it is for both countries to maintain their relationship and support each other’s economies through increased trade and tourism. By doing so, they can continue building a strong partnership while addressing common challenges such as drug trafficking and illegal immigration.

Leave a Reply