The Private Sector Organisation of Jamaica (PSOJ) last week signed a memorandum of understanding (MOU) with Dominican Republic (DR) business support organisation Consejo Nacional de la Empresa Privada (Conep), which aims to promote investment and commercial development across both countries.

One of the main objectives of the memorandum is to promote the exchange of knowledge whilst improving the environment for the private sector to increase cooperation and trade. The memorandum was signed by Conep’s President Celso Juan Marranzini and PSOJ President Metry Seaga during a trade mission to the DR between March 28 to April 1.

“We are confident that this alliance will generate great benefits for both nations, promoting investment, trade, and job creation in our countries,” Marranzini said during a signing exercise at his entity’s headquarters last Thursday.

Seaga, on the other hand, emphasised that in reaching this historic agreement marks a fundamental step in the strengthening of commercial and economic relations between the DR and Jamaica.

“We are too close, too similar, and good friends,” he stated.

Noting it as the first MOU to be signed with another Caribbean territory, Cesar Dargam, executive vice-president of Conep further said that the move will help to strengthen commercial and investment relationships across both countries.

“The agreement is a testimony to the strength, resilience and commitment of the private sector of both countries to work together,” added Angi Martinez, the Dominican ambassador to Jamaica.

For Minister of Industry, Investment and Commerce Aubyn Hill, who led the over 50-strong delegation to the Spanish-speaking country in search of greater export and growth opportunities, the agreement should also help to foster bilateral relations.

Within the framework of the agreement, the parties agreed that they will comply with all applicable laws and regulations while respecting the standards for conduct, in keeping with Conep and the PSOJ’s commitment to act ethically and responsibly in all activities in pursuit of a fair and sustainable business environment.