The Dominican Republic is appearing as a dynamic business hub in the Caribbean, offering promising opportunities for Welsh exporters across sectors such as renewable energy, financial services and technology. With a growing economy, it presents an ideal gateway for Welsh businesses looking to expand into Latin American markets.
The fastest-growing economy in the region
The Dominican Republic holds the title of the largest economy in the Caribbean and Central America, underpinned by a stable political and economic environment. The country has earned a reputation as a reliable and dynamic business hub, with the UK exporting goods such as beverages and tobacco, refined oil, vehicles, railway equipment and meat with this market in the last year.
While the country was the UK’s 103rd largest trading partner in 2024, trade with the Dominican Republic has grown significantly. In recent years, it has become the 100th largest UK export market with £274m of good and services exported in 2024. Welsh exports alone account for £5 million of this total, being 2.4% of the UK’s total exports to the Dominican Republic in 2024.
Located in the heart of the Caribbean, the Dominican Republic has privileged market access to the United States, Europe and Central America, offering opportunities for Welsh businesses looking to expand through trade with the Dominican Republic.
The opportunities for Welsh businesses
The Dominican Republic offers 92 free trade zone parks, which are home to hundreds of companies. These zones are supported by eight international airports and 12 seaports, designed to boost business productivity and global competitiveness. For Welsh businesses, these zones present streamlined access to export markets and a favourable environment for international trade.
A key sector for the country is tourism, with the Dominican Republic being a top destination for Western tourists. The industry was a major driver of economic recovery following the pandemic, accounting for 38% of growth. The impressive rebound is credited to the government’s “Plan for the Responsible Recovery of Tourism” launched in August 2020, a successful vaccination campaign, and strong economic growth in the United States. This thriving sector presents opportunities for Welsh businesses in hospitality, travel services, and tourism-related goods.
Trade between Wales and the Dominican Republic benefits from an economic partnership agreement called CARIFORUM-UK, which enables trade between the UK and several Caribbean countries. The agreement aims to promote increased trade and investment through gradual tariff liberalisation of goods.
At Chambers Wales South East, South West and Mid, our team keep up to date with the latest developments, trade agreements and opportunities, including access to new and emerging markets. The Chamber teamed up with the Dominican Republic’s embassy in the UK to deliver a webinar on 6 May as part of a series of events to support members, partners and businesses in Wales and were honoured to have His Excellency Ambassador Hugo Francisco Rivera Fernández, the Vice Minister for Economic Affairs and International Cooperation of the Dominican Republic, join the event.
