With a nominal GDP of $71.6 billion and a population exceeding 10.1 million, the Dominican Republic is the tenth largest economy in Latin America and the largest economy in the Caribbean. Dominican Republic is considered a middle-income country and the economy of the nation is greatly dependent on tourism, Free Trade Zone manufacturing, service industries, and agriculture.
Doing Business with the Dominican Republic
The United States share of the Dominican Republic consumer goods market is estimated to be approximately 70 percent. Within the Dominican Republic, there is a high receptivity to U.S. goods and services. Bilateral trade estimates for the U.S. and Dominican Republic were $12.47 billion for 2016, with United States exports to the Dominican Republic estimating $7.8 billion and imports to the U.S. from the Dominican Republic estimating $4.68 billion.
A number of reasons that United States businesses should consider taking part in exports to Dominican Republic include:
- U.S. products and services have a strong reputation for being attractive and having good quality in this market
- Consumer attitudes and brand preferences are similar to those in the U.S.
- Many major U.S. franchises are already present in the Dominican Republic
- The Dominican Republic has few market access issues
- The close proximity of the U.S. and the Dominican Republic keeps air travel costs low
Forming good relationships with reputable, well-connected, and established players is key in being successful when doing business with other nations. United States companies should be prepared to provide promotional materials in Spanish and focus on providing excellent after-sales service to succeed in the Dominican Republic.
Leading sectors for the United States to export or invest in the Dominican Republic include: building products, air conditioning and refrigeration equipment, auto parts and services, hotel and restaurant equipment, printing and graphic art equipment and supplies, medical equipment, renewable energy, safety, and security equipment and supplies, and telecommunication equipment.
The Dominican Republic is also a top purchaser of United States agricultural products, with an estimated $1.2 billion in yearly agricultural imports.
Enhance Marketing Efforts with Dominican Republic Toll Free Numbers
For any company that is considering establishing a global presence and expanding the distribution of their products and/ or services, there is a vital need to conduct extensive research with regard to economic condition and factors in the target nation. It also just as important as well to look into guidelines and laws pertaining to business operations. A great way to start establishing one’s business and begin marketing in a new market is to announce the expansion via the company website and offer a local phone number for those within the target nation to call the company and gather more information.
Global Call Forwarding sets up Dominican Republic toll free numbers for all types of businesses, ranging from small to large in size. Global Call Forwarding’s process for setting up Dominican Republic toll free numbers is fast and streamlined.
To launch a new business or expand an existing business in the Dominican Republic while being able to focus on the benefits offered by this new market, a company must have a reliable mode of communication to connect with their new consumer base. Offering telephone access with Dominican Republic toll free numbers is the best way to do this.
Dominican Republic toll free numbers make it simple for a company that is establishing itself in the market to list a phone number on their website for those located in the Dominican Republic to easily contact the business. A customer or other business contact can place a call using one or more Dominican Republic toll free numbers set up by Global Call Forwarding and the call is then forwarded to the organization’s phone number of choice, anywhere across the globe.
Calls made via Dominican Republic toll free numbers can be forwarded to a landline or mobile device of the business’ choice, which is a convenient feature for a business owner aiming to establish themselves in the Dominican Republic without being physically in the country.