BUSINESS IN THE DOMINICAN REPUBLIC
Main imports: Food, petroleum, cotton, chemicals and pharmaceuticals.
Main exports: Ferronickel, sugar, gold, coffee and cocoa.
Main trade partners: Spain, Canada, Colombia, Japan, Mexico and USA.
Economy
Agricultural cash crops and the mining industry form the basis of the Dominican Republic's economy and are the country's main export commodities. Other industrial investments are food, drinks, chemicals and the refining of imported oil. Tourism now is contribute number one in this country. The economy experienced some problems with growth and unemployment in 2003. At the same time, the Dominican peso lost a third of its value against the dollar. (A major cause was the collapse of the international sugar market.)
Strict fiscal targets agreed in the 2004 renegotiation of an IMF standby loan helped President Fernandez stabilise the country's financial situation. The economy is growing respectably but unemployment remains a difficulty. Another problem is income inequality; the poorest half of the population receives less than one-fifth of GNP, while the richest 10% has nearly 40%. The country relies on substantial foreign aid. The Dominican Republic is a member of CARICOM, the major regional trading bloc.
Business Etiquette
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. Hotels can usually assist with interpreter services.
Office hours: Mon-Sat 08:00-12:00 and 14:00-18:00.
Government office hours: Mon-Fri 08:00-15:00.
Main imports: Food, petroleum, cotton, chemicals and pharmaceuticals.
Main exports: Ferronickel, sugar, gold, coffee and cocoa.
Main trade partners: Spain, Canada, Colombia, Japan, Mexico and USA.
Economy
Agricultural cash crops and the mining industry form the basis of the Dominican Republic's economy and are the country's main export commodities. Other industrial investments are food, drinks, chemicals and the refining of imported oil. Tourism now is contribute number one in this country. The economy experienced some problems with growth and unemployment in 2003. At the same time, the Dominican peso lost a third of its value against the dollar. (A major cause was the collapse of the international sugar market.)
Strict fiscal targets agreed in the 2004 renegotiation of an IMF standby loan helped President Fernandez stabilise the country's financial situation. The economy is growing respectably but unemployment remains a difficulty. Another problem is income inequality; the poorest half of the population receives less than one-fifth of GNP, while the richest 10% has nearly 40%. The country relies on substantial foreign aid. The Dominican Republic is a member of CARICOM, the major regional trading bloc.
Business Etiquette
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. Hotels can usually assist with interpreter services.
Office hours: Mon-Sat 08:00-12:00 and 14:00-18:00.
Government office hours: Mon-Fri 08:00-15:00.
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