NewsWhore
03-21-2011, 03:10 PM
Central Bank governor Hector Valdez Albizu has called on the private sector to increase savings. Speaking at a luncheon meeting organized by the Dominican Exporters Association (Adoexpo), he said that national savings capacity as a percentage of the Gross Domestic Product has declined by 11%, from 18.1% in 2000 to 7.3% in 2010.
He said the Fernandez administration has committed to public sector savings of RD$25 billion to reduce the current fiscal deficit. The World Economic Forum awarded the Dominican government top ranking when it comes to wasteful spending.
However, Valdez Albizu said that the private sector also needed to contribute by becoming more efficient and productive and that sacrifices had to be made by all. He mentioned that fuel imports represented more than 30% of all imports. For every US$10 increase in the cost of fuel, the petroleum bill increases by US$400 million.
He focused on analysis and prospects for the Dominican export sector in the international context today.
As reported in Listin Diario, he highlighted that in the past decade, Dominican exports increased 160.6% going from US$966.1 million in 2000 to US$2,518.1 million in 2010. He said that in 2000, exports to US and Puerto Rico made up 87.3% of all exports. Today, this market share has declined to 52.3%, which indicates increased diversification. He said Dominicans are now exporting more to Haiti, the Netherlands, Belgium, Spain, UK and China.
Exports to Europe have doubled in the past 10 years, going from 5.8% in 2000 to 9.4% in 2010 for a total of US$611.3 million. Diversification has included mango, avocado, banana exports, and ferronickel and gold exports have also resumed.
He congratulated Hector Rizek for successfully positioning Dominican cacao on international markets in Europe and Japan. Cacao exports have increased from US$26.1 million in 2000 to US$187 million in 2010.
He called for more exports taking into account the country's privileged access to the US and European markets with the DR-CAFTA and EPA agreements.
Valdez was critical of the government contracting international experts to come and present analysis and recommendations on national issues. "It is a custom to bring experts from other countries to tell us what we have already analyzed," he commented.
"I am very optimistic given the diversity of Dominican exports. I have no doubt that in the future exporting sector can become the backbone of the Dominican economy," he told the exporters.
Speaking at the event, Adoexpo president Kai Schoenhals acknowledged that Central Bank policies have led the country to maintain high growth levels, despite the financial crisis. Nevertheless, as reported in El Caribe, he complained that today it is easier to get a loan to purchase a vehicle than for a small or medium-sized business to get a loan for expanding a production line or purchasing a machine. He complained that instead of stimulating production to generate wealth and jobs, the policies in place stimulate consumption.
More... (http://www.dr1.com/index.html#4)
He said the Fernandez administration has committed to public sector savings of RD$25 billion to reduce the current fiscal deficit. The World Economic Forum awarded the Dominican government top ranking when it comes to wasteful spending.
However, Valdez Albizu said that the private sector also needed to contribute by becoming more efficient and productive and that sacrifices had to be made by all. He mentioned that fuel imports represented more than 30% of all imports. For every US$10 increase in the cost of fuel, the petroleum bill increases by US$400 million.
He focused on analysis and prospects for the Dominican export sector in the international context today.
As reported in Listin Diario, he highlighted that in the past decade, Dominican exports increased 160.6% going from US$966.1 million in 2000 to US$2,518.1 million in 2010. He said that in 2000, exports to US and Puerto Rico made up 87.3% of all exports. Today, this market share has declined to 52.3%, which indicates increased diversification. He said Dominicans are now exporting more to Haiti, the Netherlands, Belgium, Spain, UK and China.
Exports to Europe have doubled in the past 10 years, going from 5.8% in 2000 to 9.4% in 2010 for a total of US$611.3 million. Diversification has included mango, avocado, banana exports, and ferronickel and gold exports have also resumed.
He congratulated Hector Rizek for successfully positioning Dominican cacao on international markets in Europe and Japan. Cacao exports have increased from US$26.1 million in 2000 to US$187 million in 2010.
He called for more exports taking into account the country's privileged access to the US and European markets with the DR-CAFTA and EPA agreements.
Valdez was critical of the government contracting international experts to come and present analysis and recommendations on national issues. "It is a custom to bring experts from other countries to tell us what we have already analyzed," he commented.
"I am very optimistic given the diversity of Dominican exports. I have no doubt that in the future exporting sector can become the backbone of the Dominican economy," he told the exporters.
Speaking at the event, Adoexpo president Kai Schoenhals acknowledged that Central Bank policies have led the country to maintain high growth levels, despite the financial crisis. Nevertheless, as reported in El Caribe, he complained that today it is easier to get a loan to purchase a vehicle than for a small or medium-sized business to get a loan for expanding a production line or purchasing a machine. He complained that instead of stimulating production to generate wealth and jobs, the policies in place stimulate consumption.
More... (http://www.dr1.com/index.html#4)