IIC launches FINPYME ExportPlus in the Dominican Republic: Cooperation Across Public and Private Sectors to Promote Export Competitiveness

10/04/2011

Santo Domingo, Dominican Republic -–- On October 4, 2011, the Inter-American Investment Corporation (IIC) launched its FINPYME ExportPlus program in the Dominican Republic. More than a hundred representatives of some sixty Dominican small and medium-sized enterprises (SMEs) and related public and private sector organizations attended the event. The keynote speaker was the Dominican Secretary of State and Executive Director of the Dominican Republic’s Center for Export and Investment (CEI-RD), Eddy Martínez, who gave welcoming remarks, along with Muriel Alfonseca, Alternate Executive Director of the IDB and the IIC, and Steven Reed, IIC Deputy General Manager. Steven Puig, IDB’s Vice President for Private Sector and Non-Sovereign Guaranteed Operations, and Andres van der Horst, Executive Director of the Dominican Republic Consejo Nacional de Competitividad, closed the event.

FINPYME ExportPlus is based on the World Trade Organization’s Aid for Trade initiative and seeks to help SMEs become more competitive abroad. A series of technical assistance workshops will follow yesterday’s launch to provide practical tools and solutions with a "local flavor" that entrepreneurs can put to use right away in their daily business dealings. For the Dominican Republic, an important aspect of the technical assistance strategy will be its focus on "star products" such as cacao, bananas, and coffee; identifying export barriers for these sectors, and a practical approach to overcoming these barriers.

"This is a truly great opportunity for the SMEs of the Dominican Republic," said Daniel Lomba, Manager of Laboratorios Capilo, a company producing natural hair-care products. "We export 40% of our products already and we believe that there is so much potential in the SME segment of our country. The technical assistance provided through FINPYME ExportPlus will help turn this potential into a reality and allow companies like mine to fully leverage the growth opportunities found in the global market."

FINPYME ExportPlus is a business-friendly initiative that provides practical technical assistance to SMEs so they may better access the global market. The program represents the IIC’s commitment to providing value-added services to private sector organizations in the region. Participation in the FINPYME ExportPlus program is free of charge to participating companies thanks to the financial support of a key IIC donor: the Republic of Korea.

For additional information on the launching, please contact Mr. Omar Castellanos in the Dominican Republic (ocastellanos@adoexpo.org, (809) 567-6779)

About the IIC

The IIC is a multilateral financial institution that is a member of the Inter-American Development Bank (IDB) Group. The IIC’s mission is to promote the economic development of its regional member countries by encouraging the establishment, expansion, and modernization of private enterprises, particularly those that are small and medium in size. It does so by providing financing (in the form of equity investments, loans, guarantees, and other instruments) and advisory services to private enterprises in Latin America and the Caribbean. In 2010, the IIC reached US$1.4 billion in assets and approved 49 operations channeling US$374.8 million to SMEs in the region. For more information on the IIC’s activities, please visit www.iic.org

Contact: Michael Apel

Telephone: (202) 623-2521

Email: michaela@iadb.org