The Dominican Republic has a steadily growing economy and low inflation. According to the latest figures from The World Bank, the country has a Gross Domestic Product of $64 billion and is growing at a rate of 7.3 annually. Over the last 20 years, the Dominican Republic has averaged over 5% annual economic growth.
Such sustained economic growth creates the need for expansion and modernization of its infrastructure, as well as increased energy consumption. The Dominican Republic continues to import nearly 100% of its fossil fuel requirements. In order to lessen the nation’s dependence on foreign energy, the nation continually explores alternative forms of energy and recently approved the construction of two new electric generation plants, one using coal, and the other natural gas. The country is also converting existing fossil fuel based electrical generation plants to domestic coal and natural gas-fired operations and these conversions represent a significant opportunity for international investors, construction companies and energy consultants.
Core infrastructure projects continue to flourish and attract international investors and construction companies as the country expands and improves its highways and bridges, water distribution and sanitation, as well as other infrastructure improvement projects.
Currently, the Dominican Republic has embarked on a 120 million electrical distribution grid modernization project whose aim is to improve electrical access from the three electrical distribution companies to cities and rural areas within the country.
Also underway is the Caribbean Regional Communications Infrastructure Project, a $30 million effort to expand and improve broadband communication networks in the Dominican Republic and in the Caribbean Region including the phase one construction of a National Fiber Optic Network. According to the World Bank, the aim of the network is “to increase access and affordability of broadband communications networks within region and countries, contribute to the development of the regional IT industry, and to contribute to improved Government efficiency and transparency through the delivery of e-services, including e-government and e-society applications.