Haiti secures major investments

PORT-AU-PRINCE, Haiti, Wednesday November 30, 2011 – Several significant investments have been announced for the country, coinciding with a two-day conference that brings together government and business officials.

Marriott International has disclosed plans to open a 173-room hotel in 2014 valued at US$45 million – its first-ever in the capital.

Yesterday, LS Cable & Systems, one of the world’s largest manufacturers of energy and telecommunications cables, signed an agreement with the government to promote infrastructure development.

It was also announced during the Invest in Haiti Forum, attended by as more than 1000 business people and government officials, that the Inter-American Development Bank (IDB) and Colombia’s National Coffee Federation would partner to transfer agricultural, reforestation and cooperative organization best practices to Haitian coffee growers.

That project would be supported by Colombia and Nestlé, one of the world’s largest foods companies.

South Korean company, Sae-A, also said it plans to invest US$78 million in an apparel and textile manufacturing plant and hire as many as 20,000 workers on Haiti’s northern shore.

“What we need is a country that has construction initiatives, building opportunities that create jobs…This Forum shows us the our visitors are interested in the investment opportunities Haiti offers,” President Michel Martelly said.

According to IDB President Luis Alberto Moreno, one of Haiti’s biggest challenges is boosting economic growth and generating jobs.

“Haiti must rebuild and upgrade its infrastructure,” he said.

“It has to create the right incentives for private sector investment. It is for this reason that we organized the Invest in Haiti Forum with our partners. There is enough economic firepower here to make a positive impact in the lives of millions of Haitians.”

The IDB, the Government of Haiti and the Clinton Foundation organized the conference that ends today. Click here to receive free news bulletins via email from Caribbean360. (View sample)