The economy of Dominica has felt the impact of the global financial crisis, although not to the same critical extent as other countries. The main reason for this stems from the fact that most of the enterprises contributing to the economy are not over-exposed in the international market.
For the calendar year 2009, the Government of Dominica approved a total of 33 applications for concessions. The majority of the application for concessions came from investment in accommodation, services and for the establishment and expansion of existing enterprises in the manufacturing sector.
The information used to evaluate the level of investment is based on financial statements received from the enterprises. Information received to date for 2009, shows an injection of actual real investment of EC$22,122,632 into the economy with a corresponding 204 new jobs. As we continue to receive financial statements from the various enterprises for 2009, an increase in the investment and employment level is expected.
Preliminary data for the period January-April 2010 shows that an upward trend in investment is expected to be realized for that year. This is premised on the receipt of 17 applications for concessions to date. Proposed investment in line with the 17 application is estimated at EC$8,133,609 with projected employment of 119 Dominicans.
The IDA is optimistic that investments in the various sectors will continue its acceleration as investors continue to show their confidence in Dominica’s economy through new investment and expansion of existing businesses.
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