Lawmakers Asked to Approve Laws Encouraging Competitiveness

The National Competitiveness Council (CNC) has asked the National Congress to approve three law projects submitted by President Leonel Fernández in 2007 which are fundamental to guarantee the competitiveness of Dominican businesses.

It is a mechanism that will support the modernization and technological reconversion of the PYMES

Andrés van der Horst Álvarez, Executive Director of the CNC, said it is urgent that Congress approves the law that will create legal and regulatory standards for small and medium-sized businesses, a mechanism that will support the modernization and technological reconversion of the PYMES (Small and Medium-Size Enterprises), according to a press release from the CNC.

At the same time the CNC Director advocated for the sanctioning of the new law of societies and merchant restructuring, both of which are being studied by the Chamber of Deputies Justice Commission and have already been accepted by the Senate.

“These laws comprise the link that will allow us to energize the Dominican economy in that they will encourage the creation of new businesses and they will facilitate the restructuring of the economic areas that have been problematic,” said van der Horst Álvarez.

He added that “the PYMES law is an urgent legal tool that gives small and medium businesses the necessary incentive to compete.”

Van der Horst Álvarez said these legal instruments were designed as part of the National Plan for Systematic Competitiveness, launched by President Leonel Fernández in March 2007.

Van der Horst Álvarez reiterated the need for these laws, adding that they will encourage the development of agile mechanisms to create new businesses as well as to restructure an existing company in the case of financial difficulties.

“As such, with these laws and those of the Industrial Competitiveness and Stowaway laws already promulgated, the current public administration is handing the public sector the tools to be competitive in the face of the commercial opening. Now we just need the lawmakers to do their small part to help Dominican businesses,” said Mr. Van der Horst Álvarez.

Van der Horst Álvarez reiterated the need for these laws, adding that they will encourage the development of agile mechanisms to create new businesses as well as to restructure an existing company in the case of financial difficulties. These laws are a response to the lack of an updated Commercial Code that dates back to 1894 when the business climate in the country was better.

The Law of Societies will allow the country to adopt a global business environment as it will open up the possibilities for many different types of businesses while at the same time making it easier to form a new company.