August 12, 2022
Tourism Minister David Collado announced Monday that the Dominican Republic will host the Caribbean Hotel Investment and Operations Summit (CHICOS), to be held in November.
The CHICOS summit, to be held November 9-11 at the Hilton Hotel in La Romana, is an event that will bring together government participants, investors, operators, suppliers, and other members of the tourism value chain to participate in panels, business, and investment rounds and other activities to support the growth of the sector and deepen commercial ties among its participants.
Among the participants are the world’s largest hotel chains, investment funds, and other agents of the international tourism sector.
The presence of this important tourism investment fair in the Dominican Republic reflects the country’s leadership in attracting foreign capital.
It is recalled that the United Nations Conference on Trade and Development (UNCTAD) recognized in its World Investment Report 2022, published on June 9, 2022, that the Dominican Republic was the leading country in the recovery of foreign investment in the Caribbean during the year 2021.
In the Dominican Republic, over the last ten years, tourism has increased its share from 5-10% in foreign direct investment, with flows of almost US$200 million of investment per year, to a share of more than 30%, with investment flows of almost US$1 billion per year, according to statistics from the Central Bank of the Dominican Republic.
“These figures reflect the consolidation of the sector as a strategic pillar for macroeconomic stability and economic growth,” said Collado.
The official highlighted the importance of the CHICOS summit at a time when the recovery of Dominican tourism is total and is projected to reach record figures by the end of the year.
“If everything continues as it is going, by the close of this 2022, the Dominican Republic will receive for the first time more than 7.3 million tourists, a true record. The DR is at its best moment for investment in the tourism sector”, he said.
Participating in the activity were the president and director of the event’s organizing firm (HVS), Parris Jordan and Nicole Roantree, respectively, and representatives of Asonahores, ProDominicana, and members of the Dominican Republic’s tourism and financial sector.