The Dominican Republic is poised to become a strategic logistics hub for Ukrainian exports in Latin America and the Caribbean. This potential was highlighted during a meeting between Raquel Peña, Vice President of the Dominican Republic, and Yulia Svyridenko, Ukraine’s First Deputy Prime Minister and Minister of Economy.
This visit marks the first official working trip by a Ukrainian delegation to the Dominican Republic in 22 years. The discussions focused on enhancing trade relations and establishing the Dominican Republic as a gateway for Ukrainian goods to the region.
Growing Trade Relations
The Dominican Republic currently ranks as the second-largest importer of Ukrainian goods in Latin America. In 2023, trade turnover between the two countries reached $38.73 million, reflecting a 54% increase from 2022. Ukraine enjoyed a positive trade balance of $21.07 million. Notably, in the first six months of 2024 alone, Ukrainian exports to the Dominican Republic reached $32 million.
Svyridenko emphasized the potential to further strengthen bilateral trade, particularly in the export of semi-finished steel products, which remains Ukraine's primary export to the Dominican Republic.
Opportunities for Economic Cooperation
The Dominican Republic, with a population of 11.5 million and an equal number of annual tourists, presents significant opportunities for economic collaboration, particularly in the agrarian and food industries. The country has expressed interest in importing Ukrainian food products, acquiring equipment for its food industry, and adopting relevant production technologies.
The two nations also discussed establishing closer ties between their chambers of commerce and industry, with plans to organize business forums and foster B2B cooperation. This partnership could open new avenues for trade and investment, enhancing Ukraine's presence in the Latin American market.
