The Dominican Republic is set to become a trade hub for Latin America and the Caribbean and has the potential to become a logistics center for Ukrainian exports to the region. This was discussed during a meeting between Vice President of the Dominican Republic Raquel Peña and First Vice Prime Minister - Minister of Economy of Ukraine Yulia Svyrydenko during a working visit of the Ukrainian delegation, UNN reports with reference to the Ministry of Economy.
This is the first working visit of the Ukrainian delegation to the Dominican Republic in the last 22 years.
According to Svyrydenko, last year the trade turnover between Ukraine and the Dominican Republic reached $38.73 million, which is 54% of the 2022 figure. The positive balance for Ukraine amounted to $21.07 million. And in the first 6 months of 2024, exports have already reached $32 million. Semi-finished products made of unalloyed steel remain the main export item.
Strengthening economic cooperation was one of the key issues on the agenda. Today, the Dominican Republic is the second largest country in the region in terms of imports from Ukraine. However, we have the potential to strengthen bilateral trade. According to the Vice President of the Dominican Republic, this country can become a logistics hub for Ukrainian exports in the region
The countries agreed to consider ways to increase the supply of Ukrainian goods. Currently, the population of the Dominican Republic reaches about 11.5 million people, and almost as many tourists visit the country annually. Therefore, the main area of cooperation between Ukraine and the Dominican Republic in the economic sphere is the agricultural industry and the food sector. "The country is interested in both the supply of Ukrainian food products, equipment for the food industry, and the transfer of relevant production technologies," the Ministry of Economy noted.
The parties agreed to establish cooperation at the level of Chambers of Commerce and Industry for further business forums and B2B cooperation.
Svyrydenko also thanked the Dominican Republic for participating in the first Peace Summit and invited it to join working groups on such items of the Peace Formula as food security, as well as radiation and nuclear safety.
In the Dominican Republic, Svyrydenko also met with Suriname's President Chandri Santoki. The parties discussed strengthening economic cooperation and the possibility of implementing joint projects. "Both Ukraine and Suriname are interested in strengthening trade between our countries. The most promising sectors are agriculture and mining, in particular oil and gas production. I am grateful to the President of Suriname for the proposal to our investors to consider specific investment projects," Svyrydenko said.
Svyrydenko also invited Suriname to join working groups on items of the Peace Formula, such as food security and nuclear safety.
"Over the past year, since President Volodymyr Zelenskyy's first visit to Latin America, our cooperation with the region has been systematically deepening. We are even working on a Ukraine-Latin America summit. Promoting the Ukrainian agenda and weakening the Russian lobby in the region is a systemic task that systematically yields results," Svyrydenko summarized.