FTZs get money

[NewsWhore]

The Ministry of Hacienda has disbursed RD$194.7 million to 250 free trade zone firms acting on instructions in Decree 552-07 that creates the Job Preservation and Creation Fund. Hacienda Minister Vicente Bengoa explained that a first installment of RD$194,754,000 was disbursed on 8 October and that the government will make a monthly RD$2,000 transfer for each FTZ employee. The program will last nine months and seeks to increase the competitiveness of the assembly plants. Luisa Fernandez, director of the National Free Trade Zone Council (CNZFE), quoted in Hoy, explained that the FTZs would finish 2007 with strong numbers that demonstrate their recovery and will post positive projections for 2008. She added that between September and November the CNZF had announced the installation of 25 new businesses that will create 3,172 new jobs at a cost of RD$1.8 billion and will generate revenues to the tune of US$37 million. Hoy points out that 500 companies are working in 58 free trade parks in the DR, generating 132,000 jobs.

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