Joel Santos Echavarría, the Minister of Energy and Mines, has declared the Dominican Republic’s dedication to promoting solar energy and transitioning to renewable energy in both the Dominican Republic and the broader Latin American and Caribbean region. The country is making significant strides in embracing clean energy technologies, with 27 major renewable energy installations currently in various stages of construction. Once completed, these projects will add 1,567.47 MW to the system, complementing the 1,229.65 MW already in operation. This remarkable growth underscores the Dominican Republic’s progress toward a sustainable energy future.
Minister Santos Echavarría highlighted the country’s goal of meeting 25% of its national energy demand with renewable sources by 2025, positioning the Dominican Republic as a leader in clean energy adoption. Given the country’s strategic location and abundant solar resources, this bold vision is inspiring and achievable. The Minister''s call to action reflects the nation’s commitment to reducing its carbon footprint and fostering a sustainable future.
The Minister made this significant announcement during the Sixth Meeting of the Regional Committee of the International Solar Alliance for the Latin American and Caribbean Region. This event, attended by delegates and international renewable energy experts from numerous member countries, showcased the Dominican Republic''s leadership role in promoting renewable energy across the region. The presence of delegates from countries like Argentina, Barbados, Belize, Cuba, and many more demonstrated the collaborative nature of this effort.
Minister Santos Echavarría expressed the Dominican Republic’s deep honor in hosting this important event during the opening ceremony. His reaffirmation of the country''s commitment to renewable energy set a positive tone for the following discussions. The participation of the Director General of the International Solar Alliance (ISA), Ajay Mathur, underscored the global significance of the Dominican Republic’s renewable energy efforts.
Ajay Mathur, the head of the ISA, stated that the organization is ready to work closely with the Dominican government to unlock the full potential of solar energy. He acknowledged the region’s immense solar energy potential, which has attracted significant interest from countries across Latin America and the Caribbean. The collaboration between the Dominican Republic and the ISA is expected to lead to further advancements in solar energy innovation and investment.
The Minister of Climate Resilience, Environment, and Renewable Energies of Grenada, Kerryne James, also affirmed her country''s commitment to solar energy and expressed gratitude to the ISA for its contributions to the region. She highlighted Grenada’s achievement of over 5 megawatts of installed solar capacity and shared the country''s ambition to expand this capacity to 20 megawatts. The discussions surrounding renewable energy in the Dominican Republic and Grenada drive innovation throughout the region.
In addition to Minister Santos Echavarría, key officials such as the Vice Ministers of Energy Security, Infrastructure, and Hydrocarbons and the National Energy Commission (CNE) directors attended the event. Delegations from countries like Haiti, Panama, Paraguay, Peru, and many others also participated, emphasizing the collective commitment to advancing renewable energy in the Dominican Republic and beyond.
Major Renewable Energy Projects Underway Minister Santos Echavarría proudly announced that the Dominican Republic is on track to become a leader in clean energy adoption, with 27 major renewable energy projects currently under construction. He also noted that seven new renewable energy plants would begin operation before the end of the year, collectively contributing 1,229.65 MW to the national grid. By 2025, renewable energy is expected to meet 25% of the country’s energy demand.
The Dominican Republic''s robust legal framework for renewable energy investment has played a crucial role in its success. Incentives for developing renewable energy sources have attracted substantial investment and helped diversify the country''s energy matrix. This framework aims to reduce dependence on imported fossil fuels and encourage investment in clean energy, which has already yielded positive results.
The Dominican Republic’s close collaboration with the ISA has led to several new solar energy initiatives, including installing solar water pumping systems, floating solar projects, and installing solar panels on government buildings. These projects demonstrate the country''s commitment to promoting solar energy and fostering innovation in sustainable energy solutions.
Minister Joel Santos concluded the ceremony by emphasizing the Dominican Republic’s role as a leader in renewable energy within Latin America and the Caribbean. He expressed confidence that the region can harness its immense potential and address global energy challenges through collaboration, innovation, and dedication.
The Ministry of Energy and Mines is responsible for formulating and administering policies for the sustainable development of the national energy and mining sector. Its focus includes maintaining a reliable energy infrastructure, promoting renewable energy, and overseeing the proper exploitation of minerals to benefit the public.
The International Solar Alliance (ISA) is a collaborative platform dedicated to deploying solar energy technologies to provide energy access, ensure energy security, and drive the energy transition in member countries. The ISA is critical in supporting renewable energy development, particularly solar energy, in regions like the Dominican Republic.
The USMCA has the potential to bring significant benefits to the automotive industry in Mexico, which is an important contributor to the nation''s economy.
Ecuador, located in the northwestern corner of South America, boasts a diverse and unique economic landscape. Despite challenges, Ecuador’s potential for sustainable development remains promising.
In the economic sphere, the International Monetary Fund (IMF) forecasts that the economic prospects for Guatemala will have a GDP growth rate of 3.2% in 2023. This figure 1.8% less than optimal for an appropriate growth rate for a developing nation.
Mexico’s FDI landscape constantly evolves, with the government actively seeking to attract investments in sectors like advanced manufacturing, clean technology, and healthcare. By fostering a business-friendly environment and addressing concerns around policy stability, Mexico can solidify its position as a top destination for foreign direct investment
“Paraguay Forestry for the World” is a plan to position the industry and forest products abroad, meeting the traceability requirements to allow leveraging exports of wood products .
The Minister of Industry, Commerce and Small and Medium Sized Enterprises (MICM), Víctor Ito Bisonó, said on Thursday, April 18, that the Dominican Republic is among the countries in the Latin American and Caribbean region with the best logistics connectivity.
Mexico''s auto parts sector has experienced significant foreign direct investment (FDI) growth during the first half of 2024. The National Auto Parts Industry (Industria Nacional de Autopartes or INA) reports that the country received $1.634 billion in foreign investment in this sector, an increase of 15.09% compared to the same period in 2023.
Political stability, low corruption levels, and a supportive government provide a reliable and secure business environment. Moreover, the country''s modern infrastructure, coupled with competitive labor costs, enhances the operational efficiency and cost-effectiveness of shared service centers in Uruguay.
Welcome to another episode of the LATAM FDI podcast. Joining us today is Silvia Cochón. Silvia is the lead for the promotion department in the National Council of the Dominican Republic for Free zones. Today we will discuss manufacturing in the Dominican Republic with her.
Today we are very fortunate to have a gentleman from Uruguay with us. His name is Juan Carlos Rodriguez, and he is the commercial and marketing director of the Aguada Park Free Zone, which is in Montevideo.
Today we’re pleased to have Wendy Mena with us. She’s the investment promotion advisor for Invest Guatemala. I’ll let her tell you about herself and her organization.
Welcome to another LATAM FDI podcast. Today, we’re pleased to have Christian Navas with us. He’s an investment attraction specialist with Invest in El Salvador. We are going to discuss agribusiness investment in El Salvador.
Thanks for the invitation to be part of your program to talk about why to invest in Colombia. Well, I’m the general manager of Zonamerica, Colombia, which is a free trade zone located in Cali.
The countries in the region have been increasingly wooed by Chinese investment. Now the Americas Trade and Investment Act is a chance to flip the script a little bit.
Today we have Andrew Crawford with us. Andrew is the Trade Commissioner in Houston for Costa Rica. He represents an organization that is called Procomer. I’ll let him introduce himself, explain what his organization does, and expand on the subject of doing business in Costa Rica.
Brazil, in 2022 was number five in terms of foreign direct investment attraction in the world. Several sectors are attractive for Brazil, especially renewable energy, infrastructure, agribusiness, and automotive.
Today, we are honored to have the Paraguayan ambassador to the United States, Antonio dos Santos, with us. His name is Antonio dos Santos.
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The Rocky Mountain Institute, the Institute of Lawyers for the Protection of the Environment, and the National Committee to Fight Climate Change yesterday proposed to the government the implementation of a plan for the transition to solar energy that frees the country from dependence on fossil fuels.
Maximiliano Lainfiesta, representative of the Rocky Mountain Institute and who acted as spokesman, said that his proposal consists of the installation of 600 megawatts of solar energy, with an investment of US$650 million, by placing solar panels on the roofs of public buildings, industries, companies, and residences.
He explained that with that amount of megawatts, about 5% of the country’s energy would be produced in a year.
It is recalled that the Association for the Promotion of Renewable Energies (ASOFER) and the National Council for the Promotion and Support of Micro, Small, and Medium Enterprises (Promipyme) signed a cooperation agreement to allow MSMEs to install solar energy projects.
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