Business & Finance
This is related to the business and financial issues related to Haiti and the Haitan community. We discuss issues such as job opportunities, how to create a business in Haiti, how to finance a project, and more.
Haitian entrepreneur, Garius Lonick, semi-finalists from 17 countries.
Haitian businessman, Garius Lonick, took top honors in the Ten Outstanding Young Haitians of 2014 competition. He is now in the running, along with thousands of other candidates around the globe, for Ten Outstanding Youth Globally 2015. He has reached the semi-finalist stage, among 19 other semi-finalists vying for the top ten. The Junior Chamber International Haiti (JCI Haiti) sponsors the competition.
Lonick began his business career at the age of 12 when his parents could no longer afford his school tuition. Lonick took matters into his own hands, starting a business making artisan crafts for consumers. He put himself through school with his earnings, obtaining a BA in medical technology. He then started Bioced, a healthcare service, covering lab testing, internal medicine, psychiatry, gynecology, and dental care, all offered at affordable rates. The endeavor progressed to providing medical students internships.
Recently, Mr. Ghisler Dugas, the Director General of Haitian Ministry of Trade and Industry (MCI) accompanying a delegation of Haitian entrepreneurs, visited the "Entrepreneurs' Fair" held between July 15 and 17, 2015, in Santiago, Cuba. About nine industrial entrepreneurs from Haiti visited the fair to represent their products like bouillon cube, pasta, beer, rum, milk, liquor cereals, Smartphone, etc. The government is hopeful of this initiative on many counts. It has the possibilities of drawing the interest of the Cuban importers, promote investment and explore new markets. Jude Hervey Day, the Haitian Minister of Trade and Industry has expressed his belief that the Haitian products have the potentiality to satisfy the needs of the Cuban people.
Minister of Trade and Industry says Labor Code must be revised to spur Economic Growth
Minister of Trade and Industry, Jude Day, wants to see new laws on the books, supporting an increase in production of companies in technology, clothing manufacturing, and furniture-making sectors.
His visit to tablet maker, Surtab, impressed him with technological advances the company has made.
Day feels the labor code must be updated so these sectors can experience strong growth, making Haiti more competitive in the global market.
The 6th Business Investment Expo & Conference 2015 is held to encourage competition among nations in the Caribbean.
This year Haiti Renewal Alliance (HRA) collaborated with World Bank Group to present forums on energy, information, and technology. Other primary partners include U.S. Chamber of Commerce and USAID.
HRA Expo was established in 2010. Since then 3,000 business, investor, and government groups have exchanged ideas and best practices for sustainable growth in the Caribbean.
Haitian Prime Minister Evans Paul opened the Association of American Chambers of Commerce in Latin America and the Caribbean (AACCLA) on June 15th. The conference brought together 14 countries and almost 250 people to participate, centering on the theme "The Diaspora Investments in Latin America and the Caribbean". The focus at the conference was on how to funnel Diaspora investment to local businesses using best practices, and the economic initiatives to be developed to accomplish the goal.
Many foreign senior-level speakers joined ex-Bolivian President Jorge Fernando Quiroga in delivering opening remarks. They represented the American Chamber of Commerce in Washington, D.C.; George Washington University; Heineken Americas; Western Union Caribbean; and the Inter-American Development Bank (IDB).
The Haitian clothing industry plays an important role in the country's economy. According to the Inter-American Development Bank (IDB), the industry makes up 80-90% of the country's exports to the United States with supports of trade free deals through the Haitian Hemispheric Opportunity through Partnership Encouragement Act, commonly known as HOPE. The garment industry in Haiti mainly focuses on low-end apparel clothing and cranking out plain T-shirts for the U.S companies such as Walmart, Gildan and Hanes. As of 2012, this sector employed more than 30,000 workers and accounted for about 10% of the country's GDP. In the last week of May, Haiti's Center for the Facilitation of Investments (CFI) and Association of Industries of Haiti have signed a Memorandum of Understanding with the Inter-American Development Bank for continuing their financial support for the existing duty-free trade agreement with the United States. During the last calendar year (2014), $854.3 million worth of textiles and apparel were shipped to the U.S.
A recent report on the "Foreign Direct Investment (FDI) in Latin America and the Caribbean" released by the Economic Commission for Latin America and the Caribbean (ECLAC) in the last week of May (2015) indicates that the inflows of foreign exchanges in most Caribbean countries, typically depend heavily on their own individual specific sectors. However, the Dominican Republic, the largest economy in the region, is an exception in this regard where the FDI inflows are evenly distributed, in a balanced way, among several sectors like manufacturing, tourism, natural resources and others. The Bahamas and some of the organizing countries of Eastern Caribbean States (OECS) generate maximum inflows from the tourism sector, while the major FDI inflows in Suriname, Guyana, and Trinidad and Tobago come from natural sources. In the last year (2014), Haiti and Jamaica had received their maximum FDIs in the transport and telecommunication sectors. The amount of Foreign Direct investment in Haiti between the years 2001 to 2014 shows the following corresponding values of investment (as per index mundi & Santandertrade):
IMF projects 4% Economic Growth for Haiti in 2015 but Financial and Domestic Destabilization could occur
Under a new initiative called the Extended Credit Facility (ECF), signed in 2014, Haiti has benefited from ECF assistance in sustaining economic growth. The International Monetary Fund (IMF) projects a growth rate of 4% in 2015 for the country. But there has been reduced gross domestic product (GDP) at 2.7% in 2014, compared to 4.2% in 2013. Inflation is between 4% - 6%.
The Haitian government has not been able to reduce the high fiscal deficit, partially associated with Hurricane Sandy. Infrastructure improvements to stimulate growth strengthen the medium-term forecast, but is liable to negative risks.
On Monday, April 13, 2015, Juan B. Vicini, the executive of the Vicini Group has said that his group has identified some potential areas for investment valuing around $ 3.00 billion on projects based in several strategic locations along the Haitian and Dominican border areas. He has said that Vicini Group may invest in renewable energy and agro based business projects in the border area, including the Manzanillo port in Montecristi province, Lake Azuey and the Artibonite river basin.
The port is an excellent place for investment because it is the closest point to the US Eastern Seaboard that requires nominal investment to develop but has a great probability of yielding high returns. Vicini Group is trying to create an opulence in the area with investment so that it becomes an attractive spot for everyone to live and invest.
On Tuesday, June 3, 2015, the U.S. government through its agency for International Development (USAID), has celebrated the success of its Leveraging Effective Application of Direct Investments (LEAD) program by honoring 31 Business Plan Competition (BPC) winners, in an effort to encourage the need to continue job creation and Haitian diaspora outreach programs. The occasion was graced by the presence of the USAID Ad Interim Director Christian Barratt, the Minister of Haitians Living Abroad, M. Robert Labrousse, and representatives of the Central Bank of Haiti. The 31 winning enterprises were honored with certificates of achievement for their contribution in job creation and resilience to the Haitian economy. The LEAD program called for fulfillment of two main objectives: income generation and job creation (over 8,000 jobs have been created under the program), and enhancing the development impact of Diaspora remittances.
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