NewsWhore
02-08-2007, 06:00 PM
The Vicini Group has been investing heavily in the Dominican Republic in recent years, reversing a long-term low-profile policy, as reported in an interview in Hoy newspaper. While the Vicinis are known as the country's most wealthy family, as well as a major business group, investments 10 years ago were only a small part of their global portfolio. This is now changing. Company president Felipe Vicini Lluberes and his brother, vice president Juan Vicini Lluberes explained that in today's globalized world, keeping a low profile in investments in the DR was not correct, and that they now want to open up and adapt their business strategies to the changes that are taking place in the DR. "Even if the country is in a fragile or vulnerable situation, there is a definite movement to get ahead. In these type of situations economic flows take place, and I would recommend anyone to do what they like best, because they are likely to do well," said Juan Vicini. In the past, the company was known for its investments in the sugar industry (Cristobal Colon and CAEI mills), the Metaldom ironworks and electricity generators, Fiat dealers and minor investments in tourism and other farm produce, but its financial dealings were mostly abroad. In recent years, a new generation within the family has taken charge and the company is now involved in much higher-profile investments, such as revamping the Port of Santo Domingo/San Souci to become the home port for Carnival Cruises, the Guayacanes financial center, and its majority ownership in the Banco de Progreso. While company spokesmen did not mention names, the Vicini Group also has reached minority participation agreements with more than 20 but less than 100 known Dominican companies.
The company foresees converting their sugar operations into model ones, with the total mechanization of the sugar cane harvest over the next five years, up from 35% at the present time. Felipe Vicini explains that in future, sugar cane cutters would be tractor operators who could make RD$20,000 a month. The sugar cane project also includes the building of model communities with medical services, schools, infrastructure and single-home dwellings in cement houses for the bateyes. They are working with the Instituto Dominicano de Desarrollo Integral (IDDI) on this project and the plan is for the people who live there to work the entire year, and not just during the sugar harvest.
More... (http://www.dr1.com/index.html#9)
The company foresees converting their sugar operations into model ones, with the total mechanization of the sugar cane harvest over the next five years, up from 35% at the present time. Felipe Vicini explains that in future, sugar cane cutters would be tractor operators who could make RD$20,000 a month. The sugar cane project also includes the building of model communities with medical services, schools, infrastructure and single-home dwellings in cement houses for the bateyes. They are working with the Instituto Dominicano de Desarrollo Integral (IDDI) on this project and the plan is for the people who live there to work the entire year, and not just during the sugar harvest.
More... (http://www.dr1.com/index.html#9)