DR rush
A number of companies across various industries are part of a delegation now in the Dominican Republic (DR) seeking to expand operations as they build-out sustainable export opportunities in and outside of the Caribbean region.
The trade mission led by Minister of Industry, Investment and Commerce Aubyn Hill is scheduled to run from March 28 to April 1 and comprises some 30 senior personnel across 17 private sector companies, four government entities, along with members of the Dominican Republic Embassy in Jamaica.
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The mission follows a visit in February from a number of business stakeholders from the Dominican Republic across the country’s hotel, logistics and construction sectors, who while on the island also participated in the activities of the inaugural Dominican Republic week.
Government agency Jamaica Promotions Corporation (Jampro), which is also a part of the mission now in DR, said that the local stakeholders while there will also get the opportunity to meet with potential investors in various sectors spanning tourism, logistics, renewable energy and outsourcing.
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“The mission is perfectly timed as we now can continue to strengthen the bilateral collaboration in tourism and trade among other areas, with the aim of bringing tangible benefits to both countries,” president of Jampro Shullette Cox said.
The delegation, which comprise companies such as GraceKennedy, Dolla Financial, Konnexx, City Fusion, Resolve IT, Dairy Industries and Jamaica Broilers among others, are all seeking to break the barriers of language (with DR being a Spanish-speaking country), as they position to build out a diverse customer base while tapping into the needs of a much larger population bearing cultural similarities.
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Jamaican exports to DR in 2021 grew above 16 per cent to total US$2.73 million with beverages, spirits, vinegar and inorganic chemicals topping the list according to international trade data.
As the seventh largest economy in Latin America, DR, which the World Bank said has been experiencing robust economic growth over the last 25 years, saw its economy expand by more than 12 per cent in 2021 and 5.5 per cent up to last year. The upper-middle income country driven by activities in mining, manufacturing, tourism, telecommunications and agriculture among others currently has a population of over 11 million.
Founder and CEO of Konnexx Services Dean Nevers
Taking advantage of the relationship between Jamaica and the DR, Kadeem Mairs, chief executive officer (CEO) of microlender Dolla Financial, said his company along with its subsidiary Ultra Financier is already formulating plans to establish operations in DR.
“Based on the size and population of Dom Rep, taking Dolla there will really propel our business to a next level in terms of expanding our loan portfolio, raising capital and fuelling our regional expansion plans. Entering that country will also give us entry into the Spanish and Latin American market and if we can navigate the language barrier, then that will give us access to a whole new population that runs the southern hemisphere,” he told the Jamaica Observer on Wednesday.
“Right now we have a team there headed by David Henriques, the CEO of Ultra but we’ve already been on the ground, so our presence there with the mission is to now build formalities as we learn more about the operational and regulatory framework for doing business in that country.
“We’ve already engaged our legal persons in DR to deal with our registration and compliance processes, so that we can be ready to set up shop once the necessary approvals are granted. This, however, is to come after we submit our business strategy to the Bank of Jamaica for them to give us the go ahead to open our location there,” he further said.
Dolla, which offers personal and business loans service to individuals and small businesses, now services it clients through some eight locations locally and one in Guyana. Through its Ultra Financier subsidiary, the company also offers loans of up to $150 million to borrowers while providing high value assets-based lending to high-net-worth individuals.
The presence of large conglomerates such as GraceKennedy Limited on the mission also signals that there are grounds to be exploited in DR.
The over century-old company as part of its 2030 vision plan had previously said that it would be looking to undertake deeper penetration of the Hispanic markets from which it is also looking to double sales with products such as Tropical Rhythm juices, hot pepper sauces and jerk sauces identified to lead the charge.
For Dean Nevers, founder and CEO of Konnexx, the rationale for his company being part of the over 50-strong delegation was also rooted in its plans to tap into the vast opportunities existing in the DR as it establish a larger regional footprint. The energy solutions and telecommunications engineering services company already has a presence in other countries across the region such as Guyana and Dominica, Turks and Caicos, Anguilla, Bermuda, Nevis, and the British Virgin Islands.
“By looking at the DR, which has a population that is like three and a half times that of Jamaica with land mass four times that of ours and also a higher gross domestic product (GDP), there is no question as to why we are here — we are definitely looking at opportunities.
“While here we will be meeting with various stakeholders in the information communication technology (ICT) sector and we are anticipating some good results from the discussions,” he said to the Caribbean Business Report.
“The feedback so far has been very positive and we are very confident as people love Jamaica and its culture. Since we already have trade arrangements with the country, I think it will be a win-win for us,” he stated.
