The superintendent of the Dominican Republic’s version of the U.S. stock market was recently in Union City, where he lived briefly in the 1990s, to visit family and to encourage New Jerseyans to invest in his country’s financial growth.
The Dominican Republic’s financial market is called the Superintendencia de Valores (SIV) and was established about six years ago following the introduction of a law known as la Ley de Mercado de Valores (literally, the law of the market of value). Their main purpose is to regulate and promote the financial market, and execute and monitor adherence to market laws.
As a result, investment growth seems to be taking effect. The Dominican Republic’s currency, the peso, has stabilized over the past two years.
In addition, the Dominican Republic has seen 9 percent economic growth in 2005, and in 2006 saw 10.5 percent growth.
“It is the largest increase in all of the Americas,” said Haivanjoe Ng Cortiñas, the superintendent of the SIV. “We have seen a great stabilization, especially in our currency, which has also allowed for economic growth in the Dominican Republic.”
Cortiñas and fellow representatives have had numerous travels to areas where Dominican immigrant communities have settled. They have tried to encourage local residents to invest in the Dominican Republic.
“The Dominican Republic’s citizens residing in New Jersey have an opportunity for new areas of investment to continue with the growth of our homeland, and the diversification of their investment portfolios,” said Cortiñas.
Stack honored
In addition, Cortiñas also came to town to honor Mayor Brian Stack for his efforts in supporting the Dominican community of Union City.
“We have a recognition for Mayor Brian Stack for his service to the community, and we are so grateful for his continued help and support,” said Cortiñas.
Cortiñas lived briefly in Union City during the early 1990s.
“If we compare the Union City of then to the Union City of today, I see a great change,” said Cortiñas. “The city is cleaner, there is more greenery, and new recreational areas, like Juan Pablo Duarte Park.” The park is named after one of the founding fathers of the Dominican Republic.
“You can see how Stack has beautified the neighborhood and improved the quality of life for the residents,” said Cortiñas. “Today, Union City has more to offer than before. I hope for his continued support, and I call on the Dominican community for their continued support.”
Stack was awarded a special proclamation from the SIV for his service to their immigrant community on Friday, Dec. 29. In turn, Stack also awarded a city proclamation to Cortiñas for his own efforts in uplifting his community both here and in the Dominican Republic.
Opportunities for investment
The SIV has held conferences explaining the investment market in Boston, New York, New Jersey, Puerto Rico, and next will be venturing to Miami.
“That is why I came to the U.S., especially to communities where Dominican citizens have settled, to let them know of these opportunities in investments in their own homeland,” Cortiñas said, “not only in trade, but in bonds, the finance market, and any financial product.”
The accessibility of the SIV also allows its clients to invest by utilizing both American dollars and the peso.
He said, “Our immediate goal is that our finance market continues to strengthen and flourish through alternative, competitive, and complimentary measures, which are necessary for the growth of the economy.”
Information for interested investors can be found at www.siv.gov.do.
The SIV has held conferences explaining the investment market in Boston, New York, New Jersey, and Puerto Rico.