Against the backdrop of the 12th World Free Zones Congress held in Panama City, the Dominican Republic has formalized a landmark collaborative partnership with the World Free Zones Organization (WFZO) through a newly signed memorandum of understanding. This agreement, focused on elevating cross-sector collaboration in free zone expansion, global investment outreach, export growth, and cross-border trade, marks a strategic step for the Caribbean nation to strengthen its economic standing in the Latin American region. The official signing ceremony saw Eduardo Sanz Lovatón, the Dominican Minister of Industry, Commerce and MSMEs, put his signature to the document alongside Matthew Stephenson, Director General of the WFZO. The high-profile gathering was honored by the presence of Dominican President Luis Abinader and WFZO Chairman Mohammed Al Zarooni, who served as official honorary witnesses to the agreement.
The two-year collaborative framework sets out clear, actionable priorities for both parties moving forward. Core goals of the partnership include scaling up efforts to attract foreign direct investment (FDI), advancing the development of secure, environmentally and economically sustainable free zones, and creating structured channels for the exchange of industry-leading practices, critical trade data, and targeted business matching opportunities. A defined set of high-priority sectors have been identified to guide collaboration, spanning medical device manufacturing, pharmaceutical production, semiconductors, integrated logistics, textile production, plastics processing, renewable energy development, mining, and information and communications technology.
Under the terms of the memorandum, the Dominican Ministry of Industry, Commerce and MSMEs will take on the role of the WFZO’s official local liaison for the partnership. To deliver on the agreement’s goals, the ministry will coordinate closely with key national economic institutions: ProDominicana, the Dominican Association of Free Zones, and the National Council of Export Free Zones. This coordinated effort is designed to reinforce the Dominican Republic’s emerging position as a premier regional hub for global investment and export activity, opening new pathways for inclusive economic growth and expanded international market access for the nation’s businesses.