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Presidential

Haiti: President Martelly Outlines Investment Opportunities in Davos

Friday, 27 January 2012 08:17

DAVOS, Switzerland (defend.ht) - At the World Economic Forum in Davos, President Michel Martelly said the presidency would spend upwards $250 million on infrastructure projects in 2012 and would restore political stability.

"I am all about getting things done and delivering results. I am here to tell you that when you come and visit Haiti, and hopefully invest in Haiti, you will not be disappointed," President Michel Martelly said on Thursday, in Davos, according to a press release from the Office of the President.

The press note declared that the presidency seeks to assure investors that the new Haiti is about prosperity, investment and opportunities.

The president recognized Haiti's past where corruption drove away foreign and domestic investors. “This is changing under my administration, corruption will not be tolerated, and furthermore we have a zero tolerance policy on corruption. Now, Haiti is open for Business,” the Head of State was quoted.

To this end, the press note says that the Martelly-Conille, Prime Minister Garry Conille, administration has identified the top five (5) sectors of the Haitian economy with the most opportunity for foreign investment.

1. Tourism
For twenty years from 1950 to 1970, Haiti was the first tourist destination in the Caribbean. Tourism was then the source of nearly 20% of total exports and generated around 60,000 direct and indirect jobs. After 25 years of absence, in 2012, Haiti returns to the Tourism Circuits. We had signed several agreements with the Wolrd Organisation of Tourism to promote tourism. Private sector investments in the tourism and hospitality sector are of the order of over USD 450 million for 30 projects in different stages of planning.

2. Manufacturing and Textiles
Where Sea-A is investing upwards of $60 million for textile manufacturing and will be creating 20,000 jobs. Companies can take advantage of Haiti’s preferential trade promotion legislation to export product duty free to the US market.

3. Agriculture, Fishing and Livestock
Agriculture is estimated to contribute roughly 25% of the country's GDP, accounting for around 50% of overall employment, 66% of employment in rural areas, and 75% of employment in low- income households. In the past, Haiti produced more than 80% of its own food, and exported coffee, cocoa, meat and sugar. Nowadays the country is one of the most open markets in the region, relying heavily on imports. President Martelly government has articulated its vision for the reconstruction and recovery of the sector in the National Agriculture Investment Plan, which is leading to a variety of interventions representing an USD 800 million investment once fully implemented.

4. Infrastructure and Construction
With damages and losses from the 2010 earthquake estimated at USD 7.9 billion and total reconstruction costs around $11.5 billion. This year alone we expect to spend upwards of $250m on infrastructure projects alone, which will create countless opportunities for infrastructure companies. The infrastructure that needs to be rebuild includes airports, ports, roads, water supplies, power generation...

5. Telecommunications
Principal regional telecom companies trust in our market and they have been involved for years, and most recently, an other important company has entered the market and made a substantial investment.

The note concluded by saying, President Martelly wants to assure investors attending the World Economic Forum in Davos that their investments in Haiti are and will be protected. "I want to assure you that I will personally ensure that your investments in Haiti are and will be protected," concluded a quote by the president.