Private Sector Development in Haiti: Opportunities for Investment
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Private sector involvement has been advocated in areas like agriculture, infrastructure development and construction, energy, tourism and finance. This is where the government priorities can be clearly defined as:
• Involving Private Sector in Plan for Reconstruction and Economic Recovery.
• Establishing Free Enterprise Zones.
• Attracting FDI and creating more jobs.
• Developing the tourism industry that holds a huge potential of aiding economic growth.
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As said earlier, Haiti has the potential of sustained growth but needs help and this is where priorities for international communities are defined as:
• Investing in free enterprise zones.
• Establishing a regulatory framework of coherent business.
• Partnership promotion between national and international investors.
• Improving the climate for business so that more investment flows in.
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What are the challenges to be faced? There are many but the most important ones are:
• Weak regulatory framework and limited enforcement capacity.
• Absence of tourist zones that are officially designated and little security for property rights.
• No taxes paid by informal private sector and collecting tax is a major challenge from the formal sector.
• Infrastructure like electricity, roads etc. are not adequate and hence, the cost of running a business is high.
• Bank loans barely accessible to SMEs.
• Haiti's image as a corrupt and insecure country repels investment.
The basic challenges are to be taken out one by one before private sector in Haiti grows and aids economic growth.
Read more: Business & Finance
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