The potential for investment is enhanced by the Open Skies aviation agreement.
The aviation partnership between the U.S. and Dominican Republic has made significant progress. An agreement on open skies was finalized with signing of a Memorandum of Consultation by Under Secretary José W. Fernndez and Minister of Tourism David Collado. This agreement has the potential to improve connectivity, boost tourism, and open up lucrative investment opportunities in sectors such as hospitality, infrastructure, and more.
The Dominican Republic and Under Secretary of State for Economic Growth, Energy and the Environment José W. Fernández had a meeting in the United States. The Department of State in Washington DC is putting effort into strengthening the aviation partnership between the two countries. A Memorandum of Consultations has been signed by delegations from the U.S. departments of Commerce, State, and Transportation, along with the Dominican Ministry of Tourism and Institute of Civil Aviation. The completion of negotiations on a bilateral Air Transport Agreement, also known as an ‘Open Skies’ agreement, is marked by this agreement.
Once this agreement is finalized and implemented, it will create a high standard for aviation transportation, enabling both nations to expand their aviation connections. The Under Secretary stated that the U.S. government is committed to working closely with the Dominican delegation to expedite necessary domestic procedures with the goal of swift signing and enforcement.
Impact on Investors
Foreign investors have significant opportunities to invest due to the Open Skies agreement proposed to enhance connectivity between the United States and the Dominican Republic. By improving air links, travel will be more convenient and cost-effective, leading to increased tourism and business engagement. Tourism and investment in sectors such as tourism, hospitality, infrastructure, and more will benefit from the anticipated growth in travelers and trade.
With better access to a wider range of U.S. destinations, the Dominican Republic is expected to attract more visitors and investors, making it an even more appealing destination for those looking to capitalize on the country’s growing economy and expanding tourism market. For investors who are looking to capitalize on the Dominican Republic’s strategic location and favorable business environment, this agreement represents a significant moment.