Competitiveness Law passes

[NewsWhore]

Yesterday, the Dominican Senate passed a law on Innovation and Competitiveness that creates a framework for manufacturing companies located outside of industrial free zones to enjoy facilities previously only granted to companies inside the free zone parks. The Senate accepted several amendments that were written into the law by the Chamber of Deputies. The legislative proposal came from the Executive Branch and had received a favorable report from the Senate's special committee headed by Amilcar Romero (PLD-Duarte). According to the report, the legislation will reinforce Dominican efforts to play a role in the international commercial markets. The legislation will change the former Industrial Promotion Corporation (CFI) into the new Center for Industrial Development and Competitiveness (Proindustria). The bill was sent to Congress by the Executive Branch after a consensus was reached among industries.

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