Grupo Piñero is Recognized for its Contributions to the Dominican Republic’s Economy

Under the auspices of President Luis Abinader, the Export and Investment Center of the Dominican Republic (ProDominicana) honored Grupo Piñero with the Foreign Direct Investment Award.

Grupo Piñero announced an investment projection of up to $70 million in the Dominican Republic for the development of tourism projects in 2023.

 

Dominican Republic, Santo Domingo (September 14, 2023) – The Central Bank headquarters in Santo Domingo served as the backdrop for the second annual award ceremony hosted by the Export and Investment Center of the Dominican Republic (ProDominicana), dedicated to honoring outstanding foreign direct investments within the nation.

Graced by the presence of President Luis Abinader, the event celebrated foreign companies whose remarkable track records and substantial contributions have fortified the Dominican Republic’s priority sectors. These esteemed entities, through strategic investments and reinvestments, have exhibited a profound commitment to the nation’s progress.

 

Among the distinguished recipients of this recognition was Grupo Piñero, the proprietors of Bahia Principe Hotels & Resorts, a renowned name in the hospitality industry. Their outstanding contributions across various facets of the national economy were acknowledged. President Abinader, accompanied by ProDominicana’s Executive Director, Biviana Riveiro, and European Union Ambassador Katja Afheldt, personally conferred the awards.

 

Encarna Piñero, Executive Vice President and CEO of Grupo Piñero, graciously accepted the recognition on behalf of the organization. She emphasized, “The Dominican Republic holds immense value for our Group, and we firmly believe in the country’s future potential as a catalyst for social, economic, and environmental development through tourism. The unwavering support and commitment demonstrated by the government reaffirm our confidence in continued investments in what we consider our second home for many years.”

 

Looking ahead to 2023, Grupo Piñero has projected investments of up to US$70 million for the development of innovative tourism projects, a commitment exemplified by the recent inauguration of the eco-conscious Cayo Levantado Resort.

 

It is vital to underscore the critical role of Foreign Direct Investment (FDI) as a principal source of foreign currency and employment generation, a driving force for economic prosperity. According to data from the Central Bank of the Dominican Republic, 2022 witnessed record-breaking FDI levels, experiencing remarkable growth of US$813.6 million (25.5%), culminating in a total of US$4.01 billion.

 

Notably, the tourism sector accounted for 25% of total FDI inflows during the same period, serving as a linchpin for the nation’s economic growth and leading the charge in attracting foreign investments, surpassing the historic milestone of US$1 billion in this sector.