Lack of competition

[NewsWhore]

According to US Ambassador in the DR Robert Fannin, the DR's main economic sectors lack real competition. Fannin, speaking at the American Chamber of Commerce's monthly luncheon, believes that this lack of competition is a factor in the increase in the price of gasoline and other raw materials. The new ambassador attributed the stability of some product prices to DR-CAFTA, saying that the free trade agreement has developed as was promised and has consolidated and increased already existing benefits, non-traditional exports have increased, especially in agriculture, and the cost of importing has also decreased. Fannin also commented on the need to invest in people and highlighted the importance of education as a means of helping the country to compete in a global economy. The Ambassador also urged business leaders to make contact with the US Embassy in Santo Domingo in order to make the most of the opportunities on offer. During his speech Fannin also warned local businesspeople to stay away from businesses that might have connections to drug trafficking. Fannin praised the efforts made by Dominican drug officials in fighting drug trafficking in the country and commented on the success of drug policy in the DR.

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