Cybernetic Park wants to use US$50 million from Pension Funds
The legislative proposal looks to have Free Zones become technology parks
BOCA CHICA. The president of the Cybernetic Part of Santo Domingo (PCSD), Eddy Martinez, reported that they are negotiating the use of US$50 million of the pensions funds to invest in the expansion of the complex.
"We have created a successful model that serves as a reference for the country and as an international model", says the man who is also the director of the Center for Exports and Investment of the Dominican Republic (CEI-RD).
The park now has 12 international businesses and another 14 are being "incubated". Moreover, there is the Technological Institute of the Americas (ITLA) that has trained 30,000 persons over the last 10 years. "We are working on the creation of a critical mass of knowledge, based on human capital", says Martinez.
The executive is conscious of the fact that it will take years to develop the PCSD to its fullest, something that has already taken US$80 million for infrastructure. "The goal is to have a scientific and technological park", he says. And what is being done to this end?
Martinez explains that over the next few months the bio-pharmaceutical laboratory will be finished in a new and modern building, located on the west side of the Park. This lab is the result of an effort by the PCSD, Stevens Institute of Technology and the Autonomous University of Santo Domingo and the Central University of the East.
The president of the PCSD reported that this month they will open a tender for equipping the laboratory; its cost, which he did not reveal, is said to be included in the 2010 National Budget. Eddy Martinez praised the fact that this new laboratory is backed by the pharmaceutical industry of the country and investigators in the area.
The official went further. He reported that they are working on a legislative proposal for the Free Zones, whereby many of them that have been operating in different provinces of the Dominican Republic for many years, can begin to transition towards becoming technological parks.
They are looking for more investment to put up more industrial buildings on the 440,000m2 of land and bring in other companies.
PCSD and businesses
Located 45 minutes by air from San Juan, Puerto Rico; two hours from Miami, Florida and three and a half hours from New York City, the directors of the PCSD sell Santo Domingo as a "convenient place to do business".
Specifically, they are trying to attract investors in the Park that, according to their president, has its own sub-station so as not to be affected with the energy issues of the Dominican Republic.
Eddy Martinez also points out the construction of the NAP of the Caribbean, with an investment of US$50 million, a subsidiary of the United States' Terremark Worldwide Corporation.
The NAP (Network Access Point) will be a connection center that will function as a point of connection for numerous sets of telecommunication providers and fiber optic submarine cables. The first stage of the business began operations at the end of 2008. The NAP of the Americas functions in Miami, Florida.
Funds
On 27 October 2005, the Cybernetic Park of Santo Domingo announced the creation of a technology investment fund. The president reported that the fund "New Quisqueya"(NQ) now has US$5.0 million.
There is also what is called "Seed Capital" with US$2.0 million, and supported by the Inter-American Development Bank (IDB) and other entities. It is expected to reach US$5.0 million soon.
These funds are used for investments in companies that install themselves in the park, such as the NAP del Caribe, that has absorbed a lot of resources.
"If we find two private investors that invest in a business that is being incubated, for less than US$150,000, the fund provides the same amount, and that allows for development, hiring of personnel, marketing efforts and other things", says Martinez.
Challenges
One obstacle that is presenting itself to the Park is the poor transport that services the area at Kilometer 27 of the Las Americas Highway outside of Santo Domingo.
Another problem is the need to reduce energy costs and build new buildings to house new companies.
Social work
The PCSD also has a foundation that carries the name of the place. It is headed by Monsignor Agripino Nuñez Collado, and creates projects for sponsoring schools and also seeks to promote a culture of entrepreneurship through activities such as teaching English. It has carried out projects in Boca Chica and La Caleta.
Requisites for installing a business in the PCSD
-Form for requesting admission from the National Council of Free Zones
-A rental contract and or a letter of intention from the Park
-Company documentation
-Certified check in the name of the Council of Free Zones
-A sample of what is going to be produced
-A letter of solvency or some document from an investor
-A letter addressed to the Board of Directors of the Free Zones
The paperwork should be deposited in the Correspondence Section of the National Council of Free Zones
"We have created a successful model that serves as a reference for the country and as an international model", says the man who is also the director of the Center for Exports and Investment of the Dominican Republic (CEI-RD).
The park now has 12 international businesses and another 14 are being "incubated". Moreover, there is the Technological Institute of the Americas (ITLA) that has trained 30,000 persons over the last 10 years. "We are working on the creation of a critical mass of knowledge, based on human capital", says Martinez.
The executive is conscious of the fact that it will take years to develop the PCSD to its fullest, something that has already taken US$80 million for infrastructure. "The goal is to have a scientific and technological park", he says. And what is being done to this end?
Martinez explains that over the next few months the bio-pharmaceutical laboratory will be finished in a new and modern building, located on the west side of the Park. This lab is the result of an effort by the PCSD, Stevens Institute of Technology and the Autonomous University of Santo Domingo and the Central University of the East.
The president of the PCSD reported that this month they will open a tender for equipping the laboratory; its cost, which he did not reveal, is said to be included in the 2010 National Budget. Eddy Martinez praised the fact that this new laboratory is backed by the pharmaceutical industry of the country and investigators in the area.
The official went further. He reported that they are working on a legislative proposal for the Free Zones, whereby many of them that have been operating in different provinces of the Dominican Republic for many years, can begin to transition towards becoming technological parks.
They are looking for more investment to put up more industrial buildings on the 440,000m2 of land and bring in other companies.
PCSD and businesses
Located 45 minutes by air from San Juan, Puerto Rico; two hours from Miami, Florida and three and a half hours from New York City, the directors of the PCSD sell Santo Domingo as a "convenient place to do business".
Specifically, they are trying to attract investors in the Park that, according to their president, has its own sub-station so as not to be affected with the energy issues of the Dominican Republic.
Eddy Martinez also points out the construction of the NAP of the Caribbean, with an investment of US$50 million, a subsidiary of the United States' Terremark Worldwide Corporation.
The NAP (Network Access Point) will be a connection center that will function as a point of connection for numerous sets of telecommunication providers and fiber optic submarine cables. The first stage of the business began operations at the end of 2008. The NAP of the Americas functions in Miami, Florida.
Funds
On 27 October 2005, the Cybernetic Park of Santo Domingo announced the creation of a technology investment fund. The president reported that the fund "New Quisqueya"(NQ) now has US$5.0 million.
There is also what is called "Seed Capital" with US$2.0 million, and supported by the Inter-American Development Bank (IDB) and other entities. It is expected to reach US$5.0 million soon.
These funds are used for investments in companies that install themselves in the park, such as the NAP del Caribe, that has absorbed a lot of resources.
"If we find two private investors that invest in a business that is being incubated, for less than US$150,000, the fund provides the same amount, and that allows for development, hiring of personnel, marketing efforts and other things", says Martinez.
Challenges
One obstacle that is presenting itself to the Park is the poor transport that services the area at Kilometer 27 of the Las Americas Highway outside of Santo Domingo.
Another problem is the need to reduce energy costs and build new buildings to house new companies.
Social work
The PCSD also has a foundation that carries the name of the place. It is headed by Monsignor Agripino Nuñez Collado, and creates projects for sponsoring schools and also seeks to promote a culture of entrepreneurship through activities such as teaching English. It has carried out projects in Boca Chica and La Caleta.
Requisites for installing a business in the PCSD
-Form for requesting admission from the National Council of Free Zones
-A rental contract and or a letter of intention from the Park
-Company documentation
-Certified check in the name of the Council of Free Zones
-A sample of what is going to be produced
-A letter of solvency or some document from an investor
-A letter addressed to the Board of Directors of the Free Zones
The paperwork should be deposited in the Correspondence Section of the National Council of Free Zones
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