InterviewDominican Republic eyes stronger ties with Korea in digital, energy, manufacturing sectors
The Dominican Republic has seen historic levels of foreign direct investment (FDI) under President Luis Abinader, and Biviana Riveiro, executive director of ProDominicana, says the country’s approach offers valuable lessons for Korea as it seeks to expand its presence in Latin America. ProDominicana is the Dominican Republic’s public agency that promotes the export of goods and services and attracts foreign direct investments.
Executive Director of ProDominicana Biviana Riveiro / Courtesy of Embassy of Dominican Republic in Seoul
“In 2024, the Dominican Republic achieved a historic high of US$4.52 billion in FDI,” Riveiro said. “This upward trend continues in 2025, with $2.89 billion recorded in the first half of the year — a 15.3 percent increase compared to the same period in 2024.” She added that projections for the end of 2025 exceed $4.86 billion, marking the fourth consecutive year of record investment inflows.
Riveiro credited this performance to “a deliberate, coordinated effort” that focused on political, macroeconomic and social stability, as well as investment facilitation and sectoral promotion. She highlighted the country’s One Stop Shop for Investment platform, which connects 26 government institutions and allows investors to complete 41 different procedures in one place. “This simplifies procedures, saves time and increases transparency — which is critical for investor confidence,” she said.
Gateway for Korean businesses
As Korea expands its diplomatic and economic footprint in Latin America, Riveiro emphasized that the Dominican Republic “is a crucial and strategic partner for Korea’s expanding presence in Latin America and the Caribbean.”
“We are a natural nearshoring hub,” she said. “Our privileged geographical location and established network of Free Trade Zones make us a perfect base for Korean companies to serve the vast markets of the United States, Europe, and the wider Latin American region.”
She noted that the Dominican Republic’s political stability, macroeconomic predictability and consistent growth make it “a reliable gateway to the Americas,” and that ongoing collaboration in digital governance and energy transition could serve as a model for Korea’s broader regional engagement.
Riveiro identified several sectors that align closely with Korea’s industrial strengths. “Opportunities exist across both established and emerging sectors,” she said, citing semiconductors, automotive, renewable energy, logistics, life sciences, aerospace and tourism.
“With the support of our president, we are implementing the National Strategy for Semiconductors (ENFIS) to integrate into global value chains,” she said. “We are also positioning ourselves as a regional hub for the aviation and aerospace industry, with growing MRO (maintenance, repair and overhaul) facilities and training centers.”
Executive Director of ProDominicana Biviana Riveiro, fourth from left, poses with other diplomats and guests during the “Dominican Cigar & Rum Night in Korea” event held in Seoul, Sept. 26. Courtesy of Embassy of Dominican Republic in Seoul
The country, she noted, has also become the leading exporter of medical and surgical instruments in Latin America and offers strong potential in pharmaceuticals and medical devices, supported by free zone regimes and international regulatory alignment.
Highlighting Korea’s technological leadership, Riveiro said, “Korea’s industrial prowess and advanced digital economy can directly accelerate the Dominican Republic’s development in several key areas.”
She pointed to ongoing cooperation on the Digital Agenda 2030, under which the Dominican government is working with Korea to digitize public services and build intelligent transport systems. “Korean expertise in digital government, smart infrastructure and cybersecurity can help us leapfrog into the future,” she said.
On climate action, Riveiro emphasized Korea’s “invaluable” role in renewable energy projects and the shared commitment to sustainability. “We believe that by working together, we can develop innovative solutions for a circular economy, improve waste management and build a more resilient and environmentally friendly nation,” she said.
ProDominicana’s Foreign Direct Investment Attraction and Expansion Strategy 2025-2036 seeks to diversify beyond traditional partners and double the country’s real GDP by 2036. “Korea is a key partner,” Riveiro said. “Your leadership in technology, renewable energy and smart infrastructure aligns perfectly with our national priorities.”
She reaffirmed the importance of the Agreement for the Promotion and Reciprocal Protection of Investments, signed between the two countries in 2006, and ongoing bilateral discussions aimed at exploring a free trade agreement. “Such an instrument would not only expand market access and trade flows but also strengthen economic and food security,” she said.
“Our goal is clear,” Riveiro added. “To attract partners who share our vision for sustainable growth and ensure that the Dominican Republic remains a reliable hub for innovation and opportunity. We look forward to building a long-term partnership with Korea that drives innovation and improves prosperity in both nations.”