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DOMINICAN REPUBLIC WOOS INDIA FOR TRADE PARTNERSHIP

New Delhi, November 14, 2006

Dominican Republic is an open economy having great similarities with the Indian economy.This brings both nations on a equal footing to forge ties in trade and business.The Dominican Republic can become India's best new partner in comparison to China, said the Minister of State of Exports & Investments, Dominican Republic, Mr. Eddy Martinez, at an interactive session.

Dominican Republic which provides a huge market for Indian businesses has a total population of 500 million and GDP at 1.463 billion with an aim to reduce unemployment level by 5 to 8 percent in the next four to five years. The generation of more investments would ultimately lead to a cut down in the unemployment rate.

The country of Dominican Republic is more liberalized and open, soon turning into manufacturing, IT and Tourism. It has ample opportunities in information technology, medical and health services.

Giving the trade figures, the minister said, the republic has already achieved a 9.3 % growth in 2005 doing $14 to $15 billion trade each year. It also has the most sophisticated ports, Special Economic Zones, tourism industry, IT, cyber parks. While Indian industries are already making huge investments in Dominican Republic the major items of trade in the Republic are cotton textiles, readymade garments, drugs, pharmaceuticals, IT, medical and health care.

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