24 new Dominican free zone companies open with US$4.5B

Dominicantoday.com, Santo Domingo, November 12th 2007

The National Free Zones Council (CNZF) approved the installation of 24 new companies that will operate in the different industrial parks, with a total investment of US$4.55 billion, and will create more than 7,000 jobs.

The companies, among them call centers, textiles, agribusiness, jewelry and footwear, were approved in a meeting in October, and most of them will be operating by January, said CNZF executive director Luisa Fernandez yesterday.

She also said representatives from 40 Spanish footwear companies will arrive in the country on November 24 to reach business agreements to install branches in the country.

Fernandez said that after the industry lost as many as 56,000 jobs from the effect of the Asian countries' massive incursion in the U.S. textiles market in the last few months, it has been able to recover about 29,000 and protect 63,000 others, thanks to the special fund created by President Leonel Fernandez.

The official said the special RD$1.2 billion fund was distributed among 69 free zone textile companies for their recapitalization, which has allowed to guarantee the stability of 63,000 direct jobs.

She said although 122 free zone companies have shuttered during this administration's term in office, 281 new ones have been created and operating at total capacity .