Tourism is the Dominican Republic’s ace-in-the-hole. The country is a major tourist attraction in the Caribbean, with its highly competitive hotel prices against a background of security (at least in the resort areas) and political stability.
The tourism industry expansion took off as early as the 1970s, when the government in power at the time declared it a sector of national interest. As the industry developed, private sector participation began flowing in the 1980s, when sources of financing became available under the Lomé Convention. Today, tourism receipts account for nearly 70% of exports of goods and services, excluding the country’s free zones. The private sector now owns and operates more than 45% of the country’s tourism industry, with the government’s blessing.
