Industry
The industrial sector contributed an estimated 32.2 percent to the country's GDP in 1999, led by mining (ferronickel, gold, and silver) and the manufacture of goods for export to the United States. To a lesser extent, there is the manufacture of food products, consumer non-durables, and building materials for the local market and for neighboring Haiti. The sector employed an estimated 24.3 percent of the workforce in 1998.
About 500 companies in the Dominican Republic manufacture goods primarily for the North American market. Situated in 50 industrial free zones around the country, these mostly foreign-owned corporations take advantage of generous tax and other financial inducements offered by the government to businesses that operate within the zones. Approximately 200,000 people, or about 8 percent of the workforce, are employed in this sector. They mostly produce clothing, electronic components, footwear, and leather goods, which are assembled. The raw materials or semi-manufactured goods are usually imported duty-free from other developing countries (electronic parts are imported from industrialized Puerto Rico) and put together in the free zones. Products created are cosmetics, pharmaceuticals, textiles, perfumes & foodstuffs. The value of exports amounted to US$1.9 billion in 1996, but the contribution to the trade balance was only US$520 million because many of the basic materials for the free zones had to be imported and paid for.
Other, more traditional manufacturing is based on sugar refining, cement, iron and steel production, and food processing. Rum is a significant export commodity, and beer and cigarettes are manufactured for local consumption. Most industry of this sort is located around the working-class perimeter of Santo Domingo and other large towns.
Read more about this topic: Economy Of The Dominican Republic
Famous quotes containing the word industry:
“It is while we are young that the habit of industry is formed. If not then, it never is afterwards. The fortune of our lives therefore depends on employing well the short period of our youth.”
—Thomas Jefferson (1743–1826)
“Change of fashion is the tax levied by the industry of the poor on the vanity of the rich.”
—Sébastien-Roch Nicolas De Chamfort (1741–1794)
“Do not put off your work until tomorrow and the day after. For the sluggish worker does not fill his barn, nor the one who puts off his work; industry aids work, but the man who puts off work always wrestles with disaster.”
—Hesiod (c. 8th century B.C.)