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On Tuesday 23rd October, Canning House and the Embassy of the Dominican Republic in the UK collaborated on two events aimed at showcasing the diverse opportunities for investment in the Dominican Republic.
The morning event presented the various reasons why Dominican Republic is a strategic HUB for UK Exporters and Manufacturers. The audience heard from H.E. Federico A. Cuello Camilo, Ambassador of the Dominican Republic to the UK, who introduced the speakers. Leonel Melo, President of the British Chamber of Commerce of the Dominican Republic, spoke about how the DR's economy is constantly evolving and diversifying. The country is not just limited to exporting cigars and textiles; it now boasts the largest GDP in the Caribbean and Central American region, with FinTech and telecommunications companies on the rise.
H.E. Miguel Vargas Maldonado, Minister of Foreign Affairs of the Dominican Republic, emphasised this point, and highlighted the UK-DR longstanding bilateral relationship and the opportunities for increasing trade post-Brexit. In the evening His Excellency gave an Address with Canning House in the Institute of Director's magnificent Nash room, in which he encouraged the UK and the DR to explore new opportunities for trade. His Excellency also stressed his determination to improve security in the LAC region, following the Dominican Republic's recent election to the United Nations Security Council (the first time in the country's history). Joanna Crellin, HM Trade Commissioner for Latin America and the Caribbean, reaffirmed the UK government's enthusiasm for strengthening trade relations with the DR, and the LAC region more generally. Currently, the UK only does 2% of its trade with Latin America, but there is huge potential for this figure to increase. The government is starting to recognise this potential, and schemes such as UK Export Finance are helping to spark interest in the LAC region. Baroness Hooper thanked the contributors, the Embassy and Canning House for arranging the event.
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