SANTO DOMINIGO, Dominican Republic – The Dominican Republic and Guyana private sector organizations Tuesday signed a memorandum of understanding (MOU) aimed at cooperating and supporting each other in a bid to boost trade and investment between the two countries.
The President of the Private Sector Commission (PSC), Komal Singh and President of the DR’s non-governmental National Council of Private Enterprise, Inc; (CONEP), Celso J. Marranzini signing the Memorandum of Understanding in the presence of representatives of their organizations.“The activities implemented in accordance with this MOU by one of the parties will have the support of the other Party. This support could include knowledge sharing, technical support, consultancy or advisory services provided to be provided by either Party to the other Party, or joint project development or promotion,” according to the document, signed as President Dr. Irfaan Ali ends an official one day visit to the Spanish-speaking Caribbean country.
The MOU, which was signed by the President of the National Council of Private Enterprise, Inc; (CONEP), Celso J. Marranzini and the President of the Private Sector Commission (PSC), Komal Singh, will be valid for one year and will be automatically extended for consecutive periods of 12 months, unless revoked in writing, prior to its date. of expiration, by the authorized representatives of either side.
According to the document, the areas of cooperation include visible joint efforts to promote investment and business development, structured exchange of information and market intelligence in sectors, export and investment and compliance.
It is also intended to provide support for the development of trade and investment and business intermediation, joint efforts of technical assistance projects and support to improve the capacity of the parties, promote export and investment, as well as promotion.
The two parties are also committed to joint execution of training and capacity building for the private sector to improve and facilitate export and investment, development of positions for the expansion of trade and investment, and the identification and collaboration on cross-cutting issues for the private sector on new standards, governance, environment, finance and other regional or international regulations.
CONEP and PSC envisage that eventually they could eventually sign a solid agreement, as the memorandum of understanding signed on Tuesday does not amount to an association between themselves and they do not have the authority to represent or incur any liability on behalf each other without the prior written consent of the other side.
“The continuation of joint activities over time may lead to a formal Partnership Agreement, which will set out more detailed terms and conditions that will be binding on both Parties,” the MOU states with the two organizations indicating that they would at all times act reasonably and in good faith in all matters related to the successful operation of joint activities and projects and to all other subsequent initiatives entered into as a result of this initial agreement.
