Q & A with Marcos G. Cross Sanchez, Dominican Republic’s Consul to Spain

In 2006, the Dominican Republic underscored its leadership as one of the Caribbean’s most sought-after travel destinations with a whopping 8 percent growth in the number of foreign visitors. In the first quarter of 2007, the growing trend goes on and poses a new source of encouragement for national and international investments the country’s tourism continues to reel in.

Q.- How do you think the Dominican Republic could put up with the increasing travel flow into the country?
A.- One of the ways to tackle this situation is by providing new infrastructure and revamping the area of Samana, right now with its own international airport to transport tourists from Europe and the rest of the world without having to drive for three or four hours. We’re currently building some 800 new guestrooms in the areas of Punta Cana and Puerto Plata in a bid to make this region one of the most beautiful travel destinations inside the country.

On the other hand, under the administration of President Leonel Fernandez the country has recouped the confidence of international banking institutions and this is easing the inflow of capital from overseas and the rekindling of local businesspeople who are now interested in getting a piece of the pie. Hotel chains like Marriott and Four Seasons are now determined to set up shop in the Dominican Republic, so these companies are expected to bring in state-of-the-art infrastructure to the country.

Q.- How is this process linked to the foundation of Air Dominicana?
A.- The recent announcement made by Tourism Minister Felix Jimenez about the creation of a new Dominican airline –local entrepreneurs will bankroll 70 percent of the project, while foreign companies like Globalia will pick up the remaining 30 percent tab- highlights the strengthening of the country’s tourist structure, that corporate Dominican Republic is back on its feet, and that those capitals that used to trickle out in the past are now coming back to rebuild the nation’s economic underpinnings.

Q.- Does this mean the Dominican Republic is heading for economic stability?
A.- Over the past couple of years the country has put a new spin on both the development and stability of its macroeconomics in an effort to improve the living standards of the Dominican people. When Leonel Fernandez took over the presidency in August 2004, he found a disastrous situation. The country’s foreign debt has soared a staggering 100 percent to over $7 billion and the consumer economy was in a shambles. However, his administration won back the confidence of the national entrepreneurial structure and international banking institutions, the GDP grew 10.7 percent and economic stability set in.

This economic stability has had good repercussions on the government’s mandate because the ruling party won the midterm elections in 2006 by a landslide and grabbed the majority of seats in both the Congress and the Senate. This will no doubt pave the way for new legislation more in sync with the ongoing times.