MADRID.- Dominican president Leonel Fernandez and Spanish Government chief Jose Luis Rodriguez Zapatero today signed a document to prevent double taxation on companies from both countries, and renewed their cooperation agreement from 2009 to 2012.

Fernandez met with Zapatero in the Moncloa Palace today, the second day of an official visit to Spain, to conclude Friday and in which the Caribbean leader expects to attract Spanish investments to his country.

Both chief executives stressed the excellent relations between their countries. "We’re in the golden age of the ties between Dominican Republic and Spain," the Dominican president said.

The Fernandez and Zapatero signed a document to prevent double taxation on companies from both countries, as a first step prior to signing an agreement to be ready in an unspecified date.

The agreement will prevent companies and legal people from paying double taxes on income, which in Spain’s case, with a strong business presence in the Caribbean country’s sectors such as construction and tourism, will benefit investors.

“It supposes a definitive advance for the conclusion of the future agreement and therefore prevent double taxation, in line with the G-20 agreements," Zapatero said, and that Spanish companies "want to extend their investment horizon and presence" in Dominican Republic, especially companies linked to renewable energy. "It’s the high-priority field in which our companies will work in the future in Dominican Republic.”

In that regard, Fernandez also stressed the importance of investments in addition to tourism, of renewable energy such as biofuel and mainly wind energy, of which he said two projects to generate the first 100 megawatts in his country are already being built.

As to biofuel, Fernandez said a project is underway to plant jatropha and extract a new fuel from that variety.

He also thanked Zapatero for recognizing the work by Dominicans who live in Spain, “they contribute with the progress and advance of Spanish society."

Fernandez,  who again asked for Haiti’s inclusion into the Iberian-American Community as an act of "historic reparation,” will visit Salamanca today, where the University of the same name will bestow the title “Consigliore of Honor," and will be the City’s "Distinguished Guest."