Economy

First Stone of $78M[US] Northern Haiti Industrial Park Laid

CARACOL, Haiti (defend.ht) - On Monday, the Haitian government, Inter-American Development Bank (IDB) and Korean apparel manufacturer, the SAE-A Company, laid the first stone of a year long project to construct an industrial park in the northern city of Caracol in Haiti.

The agreement was signed by former Prime Minister Jean-Max Bellerive and former U.S. President Bill Clinton in January of 2011, announced that SAE, with help from the Interim Haiti Recovery Commission, would make a $78 million [US] investment in the industrial park with hopes of creating 20,000 jobs beginning in March of 2012.

The laying of the first stone for the 608 acre property was presided by President Michel Martelly, Prime Minister Garry Conille, Bill Clinton and IDB President, Luis Alberto Moreno.

In his speech, President Martelly underscored his administration’s commitment to continue to seek foreign investment to create jobs in Haiti. “Haiti is open for business,” he said.

“The Caracol Industrial Park shows the positive impact foreign investment can have in building Haiti back better,” said President Clinton. “It will bring tens of thousands of jobs to Haitians, and I am proud to be here for the groundbreaking of this important project.”

SAE Chairman Woong-Ki Kim spoke about the project saying, “the Haitian people are hard working, highly competitive, and ready to build a brighter future for their families.”

The IDB is providing $55 million for the initial phase of Caracol’s construction. It is also financing programs to foster the creation of small and medium-size enterprises to supply goods and services to the industrial park's tenants and workers.

"Caracol can have a phenomenal multiplying effect in this region," said IDB President Luis Alberto Moreno. "Besides the thousands of factory jobs that will be created by large manufacturers, we will see many local entrepreneurs starting up small businesses, expanding the industrial park’s economic impact beyond its gates."

The U.S. government has pledged $124 million in funding to build at least 25 megawatts of electrical power generation, improve regional health facilities, construct up to 5,000 housing units in the nearby towns of Ouanaminthe, Fort Liberte, Terriere Rouge, Trou Du Nord, and Quartier Morin.

U.S. Ambassador to Haiti Kenneth H. Merten said, “investment is the real key to making the Haitian people more prosperous, which in turn will make the Haitian nation more independent and sovereign.”