FTZ new companies

[NewsWhore]

In 2006 the National Export Free Trade Council (CNZFE) approved permits for 83 new businesses in the free trade zones, of which 62 are operating in the various free trade parks and 21 operate as individual free trade zones. CNZFE estimates that these companies provide a direct investment of RD$4.9 billion into the country and will create an estimated 10,976 jobs. CNZFE director Luisa Fernandez announced in Diario Libre that plans for a new free trade park have been approved. The park will cost an estimated RD$220.3 million. Free trade zones are one of the most important generators of hard currency for the Dominican economy, along with tourism and remittances, providing jobs for 150,000 Dominicans. In 2006, thousands of jobs were lost in FTZs, especially in apparel companies, due to competition from China.

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