Korea engagement a must for Dominican Republic, says ProDominicana chief

Executive Director of ProDominicana Biviana Riveiro (Embassy of the Dominican Republic)

Engagement with Korea is a “must” for the Dominican Republic’s high-value and high-tech sectors, according to Biviana Riveiro, chief of the Dominican Republic’s export and foreign investment promotion agency, ProDominicana.

In a written interview with The Korea Herald, Riveiro said Korea’s strengths closely aligned with the Dominican Republic’s strategic priorities.

“Semiconductors, electronics and ICT stand out, as the Dominican Republic is implementing its National Strategy for Semiconductors (ENFIS) with presidential support, aiming to integrate into global supply chains,” she said.

The ENFIS strategy targets global competitiveness in semiconductors and seeks collaboration with South Korea and other partners to boost innovation, resilience and supply chain integration.

During her visit to Seoul, Riveiro promoted the Dominican Republic as a prime destination for Korean investment in high-tech sectors. She highlighted the country’s skilled labor force, competitive costs, market access, and the importance of Korea as a key partner under ProDominicana’s FDI Strategy 2025-2036.

Addressing perceptions in Korea that Caribbean countries are geographically distant, Riveiro dismissed the notion that the region is too far away for Korean businesses.

She stressed that the Dominican Republic was “a strategically positioned and accessible hub,” supported by strong connectivity and its role as a nearshoring platform close to major North American markets.

She underscored the country’s robust air and maritime connectivity, its proximity to North American markets, and its duty-free access through agreements such as CAFTA-DR.

CAFTA-DR is a free trade agreement between the United States and six Central American countries — Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras and Nicaragua — facilitating duty-free trade, investment protection and economic integration.

“We offer a stable, transparent and supportive environment for investors — a reliable and accessible partner for Korean companies,” Riveiro said, pointing to opportunities for high-tech cooperation through investment, technology transfer and workforce development.

“Korea’s global leadership can pair with our strategic location and free zones to build a reliable nearshoring platform,” she added, citing opportunities in semiconductors, biomedical sciences and strategic minerals.

Such collaboration, she said, could be deepened through public-private partnerships, bilateral agreements and training programs to strengthen both countries’ roles in global value chains.

Riveiro also called for strengthening the 2023 TIPF, proposing the creation of a “Joint Trade and Investment Cooperative Council” to support private-sector projects, as well as expert and student exchanges, to ensure a lasting and mutually beneficial partnership.

Korea signed the TIPF with the Dominican Republic in 2023 — the first such agreement with a Latin American country — to enhance cooperation in supply chains and the digital, green and bio sectors, as well as in trade, investment and energy, laying the groundwork for a future Economic Partnership Agreement.