The group was formed in light of the new Central America-Dominican Republic-United States Free Trade Agreement to become effective in June. Under the agreement, tariffs and trade restrictions will be eliminated over the next several years. DABI is being spearheaded by locally based attorney Jeffrey Siskind, of Siskind Legal Solutions of South Florida, LLC. Siskind's family built the Jarajua Hotel in 1988 and later sold to Marriott. It now operates as the Renaissance Jarajua Hotel and Casino. "DABI will act as a facilitator for strengthening ties between the United States and the Dominican Republic with a special emphasis on South Florida," Siskind tells GlobeSt.com.

While housing is not as cheap as it used to be in the Dominican Republic, there are still investment opportunities. Projects in the hospitality sector already under way include Cap Cana, a project on 37,000 acres with three Jack Nicklaus golf courses, a casino, 3,500 homes during the first phase of construction and an outpost of the Buddha Bar. Westin Hotels and Resorts is building the Westin Rokoki, and Hilton Hotels recently opened a 21-story business hotel in Santo Domingo. Among areas where vacant land may be available is Baharona on the southwest coast of the island.

Siskind adds that the lifting of trade restrictions may bring opportunities for US companies to outsource operations. When that happens, "real estate always becomes part of the picture," he says.

During a presentation at the May 12 meeting, National Urban Development Council board of directors' member Lena Ciccone said inflation in the Dominican Republic has plummeted from 42.66% in 2003 to 7.44% in 2005, with less than 6% anticipated for 2006. The dollar/peso exchange rate has also stabilized. The rate was $1 to 60 pesos in 2003 and now it is about $1 to 30-33 pesos. Fitch Investors Service has upgraded the country rating for the Dominican Republic from B- to B+, noted Ciccone.