Dominican Republic’s Executive Chief expresses:
‘Investment in Touristic Projects reaffirms confidence in our country’

President Leonel Fernández assured that the US$5,200 millions dollars investment in the development of touristic projects in only one month is an excellent ground to reaffirm of the confidence that exists on the future of the Dominican Republic.

Dominican Republic’s Executive Chief spoke at the inauguration of construction works for the real estate touristic project VistaCana Resort & Country Club, at Punta Cana, Province La Altagracia, an important region on the Eastern part of the country. Investment of such a real estate project is of approximately US$1,400 million dollars, one which is foresaw to generate more than 20,000 jobs at the conclusion of the works. First stage of the project has been scheduled to be finished by December, 2010.

The President of the Dominican Republic, who gave the traditional ‘first dig on site’ as to commence start-up construction of the works, expressed: ‘this new investment, together with the US$1,200 million dollars invested in Playa Nueva Romana, San Pedro de Macorís, as of last November, together with the investment that is to be made before the conclusion of 2009, in Punta Perla, Samaná, which is of US$2,600 million dollars, shows that touristic projects in the Dominican Republic is truly praiseworthy as highly commendable.

In that same line of thoughts, the President of the Dominican Republic announced presence of His Serene Majesty Prince Albert II of Monaco, to the start-up ceremony of works for the Punta Perla project, which will take place at a non-disclosed date in the month of December.

President Fernández affirmed: ‘although it has been predicted that 2009 will be a difficult and complicated year, in the context of global economy, his government will not cease to promote foreign investment, local and foreign.’ He also expressed: ‘this will internally contribute to impart a powerful dynamism as to accelerate economic growth, on the basis of development of infrastructure projects which will generate jobs.’

The VistaCana project, which was totally financed by a Venezuela-based conglomerate, contemplates for the construction of 6,000 housing units, as a 100-rooms hotel, designed for businesspersons. Thirty percent of all real estate investments, or of apartments, have been acquired by the generation once known as “the Baby Boomers” – whom today comprise the generation of retired citizens – specifically, retirees from the United States of America, people whom values a sunny tropical climate.

Dr. Fernández Reyna congratulated the promoters of VistaCana project for such an innovating investment made in the Dominican Republic.

Dominican Republic’s President praised that a conglomerate from Venezuela arrived to our country in order to make such a gigantic investment – RD$1,400 billion Dominican pesos – at the same time that he voiced and valued the ever-going fraternal affection that ties the Dominican Republic to Venezuela – from the days in which Juan Pablo Duarte found a safe heaven in the country and people from Venezuela.

Dr. Leonel Fernández informed that this next coming Friday, May 22, 2009 highway Santo Domingo-Samaná will be inaugurated, a highway which will further move forward the touristic sector. Dr. Leonel Fernández also advanced that development project for the construction of the North Atlantic Boulevard was handed to Congress for discussion and approval.

President Fernández also mentioned other works that will be developed and constructed in the Eastern Region, as El Coral highway, section with which the entire East Highway will be completed, and one which, in his personal opinion, will impart a powerful dynamism on the touristic development of the Eastern Zone and its entailment with Santo Domingo.

Nicanor Peña, Bishop of the Archdiocese for the Province of La Altagracia, blessed start-up of works.

Present in the activity were the Secretary of Tourism, Francisco Javier García, Secretary of Public Works, Victor Díaz Rúa, as Project Executives from Construtora Termini, S.A. (COTERSA), headed by its President and Chief Executive Officer, Eng. Salvador Termini, the Governor for the Province of La Altagracia, Luis Rafael Cedeño Castillo, the Secretary General of Liga Municipal Dominicana, Amable Aristy Castro, and his daughter Karina Aristy, the Honorable Civil Magistrate for the Province of Higüey, as the President of the Association of Hotels and Restaurants of the Dominican Republic (ASONAHORES), Haydeé Kuret de Rainieri, and her husband, the distinguished hotelier, Mr. Frank Rainieri.