BEIJING – China and the Dominican Republic laid on Friday the foundations for recently established diplomatic ties by signing several bilateral agreements of cooperation in sectors such as trade, education and finance.
Dominican President Danilo Medina is on the first official trip to China by a leader from his country.
Medina, before meeting with his Chinese counterpart Xi Jinping and Prime Minister Li Keqiang, said he hoped the agreements were beneficial for both the countries.
The agreements include a memorandum of understanding between the Finance Ministry and the Export-Import Bank of China, and another with China Development Bank, as well as agreements on civil aviation and sports, according to the Dominican president’s office.
Medina underlined that the Dominican Republic had been the regional leader in foreign direct investments in the last five years.
“This is due to favorable conditions prevailing in the Dominican Republic today. We are a country with Free Trade Agreements with 48 countries across the world. Investing in the Dominican Republic is always good,” he said.
“It is in our interest to increase Dominican exports to the Chinese market, which is among the largest and most dynamic ones in the world,” he added.
Meanwhile, the Dominican embassy in China will be officially inaugurated during the president’s visit, after the Chinese opened theirs in the Caribbean nation on Sept. 21.
Medina is also set to attend the China International Import Expo in Shanghai, in which more than 100 countries are taking part.
On May 1, the Dominican Republic made a shift in its foreign policy by breaking off diplomatic ties with Taiwan in favor of those with China, a country with whom it already enjoyed a commercial exchange of around $2 billion.