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.
If Haiti is to become an emerging economy by the year 2030, great national emphasis must be placed on education with a strong focus being placed on science and mathematics. Such is the sentiment shared by many whose vision is the thrust that drives the Haitian Bioscience Initiative in their endeavor to provide young Haitians with rudimentary science lab techniques.
The initiative is a partnership with academics, professionals and educators who are striving to provide teaching of the necessary techniques such as environmental monitoring, microbiology, wet chemistry as well as molecular biology. Their vision for the long term is to create an up-to-date bioscience lab facility which would serve to provide education in the life sciences for the youth of Haiti.
Norma Powell is now the elected member for the Director General of Haiti's Center of Investment. The announcement was recently made by the national office.
The center of National investment promotion agency was established in January 2006 by Presidential decree. The agency was created through the collaboration of the public and private sector. The board reflects the mixed need of the society as they strive to create an organization that simplifies the regulatory process and procedures which directly impacts economic activities in the country.
The appointment of Powell was disclosed by the office of the Haitian President Michel Martelly. Powell succeeds Georges Andy Rene in the position. There was no announced reason for the change in position; however, the CFI must be of the opinion that Powell will be able to continue the trend of the outfit, which has raised the regulatory environment of the country above those of others in the region.
Haiti had a good year in 2013 where garment export, a fast growing market for the nation, is concerned. The sales, totaling $800 million, were gathered from the sale of 20 million groups of T-shirts packed by the dozen and 1.5 million jeans packaged in the same way, among other things. With the standard so high, the country sets its cap further, hoping to export $1.2 billion USD for their 2014 period.
Last year the exports included products such as cotton trousers, suits, innerwear and other outerwear to buyers such as Walmart, Hanes, Gildan, Levy's, Target, Fruit-of-the-Loom and Kohl's. The desire now is to expand that reach and to have the Haitian garment industry permeating not just the United States and Canada, but also countries in Europe, Asia and South America.
It is a truth universally acknowledged, that certain farm animals moonlight as bank accounts for many a Haitian family. Traditionally, the Haitian pig was the account of choice, but nowadays, after the massive failure of multiple governments where that asset is concerned, the people of Haiti who rely on these animals for more than just sustenance, have turned to the new 'Haitian's Best Friend' as more than just a good source of protein.
Appreciating the value of the goat to a peasant's ability to live on more than just a hand-to-mouth income, the Lambi Fund had undertaken a project through which goats were donated to needy families through the Asosyasyon pou Pwoteksyon Anviwonnman Gwomòn (APEG). Through the efforts of the Lambi Fund group, 132 goats were given to the APEG along with other necessary supplies. They also provided training to the 160 members of the APEG, who then transferred their knowledge to the receivers as the beginning of a chain set to create the sustainability of the undertaking.
Good news for Haiti's economy surfaced this month, when the UN issued its United Nations Annual World Economic Situation and Prospects (WESP) report. Haiti's economy is projected to grow at 4.5% in 2014, up 1% from 2013 figures (3.5%). Guyana is estimated to experience the same rate of economic growth, down 1% from 2013 figures (4.6%). Other CARICOM nations lag, with Trinidad and Tobago at 2.5% for 2104; Jamaica at 1.2%; and Barbados at 1%.
Generally in the Caribbean, economic growth is estimated at 3.3% for 2014, up from 2.4% in 2013.
The WESP report indicates an uptick in South American and Caribbean economies at 3.6% and 4.1% in the same order for 2014 and 2015.
A graphical view of the Haitian Inflation Rate in recent years will look like a turbulent sea, filled with wave-like undulations that can spell hope of dread for the future within Haitian businesses and households. At the beginning of a new year, the forecast coming out of the Banque de la République d'Haiti, which has the responsibility of reporting the rate, was that the seas were looking calmer for Haiti's inflation rate.
The November 2013 numbers leveled out to a low of 4.20. That was the lowest rate not just for 2013, but was also lower than the lowest mark, 4.9, recorded in July of 2012. Since the inflation rate in the country is a benchmark of the wide fluctuation of prices paid by consumers for the usual quantity of commodities, the news augurs well for the turning tide in the long-suffering country.
The preliminary estimate of "Economic Accounts 2013" by Haitian Institute of Statistics and Informatics (IHSI) has revealed that the Gross Domestic Product (GDP) in Haiti has increased in volume by 4.3% to 48%. The previous year the same increase rate in volume was by 2.3% and that was corresponded by a revised GDP growth rate of 3.4% measured in the middle of the year. The projected growth rate for 2012 was estimated at 6.5% earlier. Every sector in the country has contributed positively with additional growth towards country's GDP.
The agricultural sector has contributed additional 4.6% by value against 1.3% in 2012. The building and public works which consists the works of reconstruction of public buildings, major infrastructure and certain private sector initiatives have also added 9% more. The catering and hospitality sectors have added 5% value. Other industries, although have smaller contribution in GDP, have shown upward trend. The domestic consumption in the year 2012 was less by 5% over its previous year and that too had experienced an increase in volume by 2.8% in 2013. This was the result of foreign remittances by the migrant citizens and transfers by government to the households in cash and kind. Last year, the country enjoyed a stable business environment and the economy was further boosted by government spending.
Haitian's can benefit from a small, yet sizeable gift this holiday season of a significantly lowered rate of inflation as well as the most auspicious level of stability in the field of macro-economics. The bearer of this good news was the 24th Government Council which was held recently under the chairmanship of the country's Prime Minister, Laurent Lamothe.
Based on the theme, 'Fight against Corruption and Smuggling; Current Status and Perspectives', the council's meeting was the place to reveal the 4.5% decline to the rate of inflation and the stability of the country's macro-economy, progress that are in thanks to reforms of the economy, public finances and also the government's rationalized spending.
And the, if not good then, hopeful news keeps on coming. Information coming from the Haitian Institute of Statistics and Informatics (IHSI) along with the Ministry of Economy and Finance shows there has been a registered increase of 6.4% of the index of industrial production. Baldly put, the Haitian gross domestic product has risen.
Detailed in the Q4 2012 to 2013 publication for July through to September, the results also showed a 2.5% increase of the quarter before. The increase is also backed by data from the International Monetary Fund (IMF), which is slightly up from the forecast made earlier in June of 2013 which put the growth percentage at only 3.4%.
Going against Haitian law, which demands workers be paid a minimum of 300 gourdes for an eight-hour shift, the Council on Salaries (CSS) agreed to raise daily pay to only 225 gourdes.
Outraged members of the Collective of Textile Factory Unions (KOSIT) protested in Port-au-Prince and Ouanaminthe for a 500-gourde daily wage. Textile manufacturers responded acceding to the demands of KOSIT would hinder Haiti from being competitive with Bangladesh, Cambodia, and Vietnam. Tellingly, those countries are infamous for intolerable work conditions and worker abuse.
Avoiding the issue of punitive wages for textile workers, the Association of Haitian Industries asserts, keeping wages extremely low will ". . . help Haiti open up and present itself as a country that is changing and modernizing . . ." To whose benefit?
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