After Slave Revolution, Haiti now needs Business Revolution

Haiti is today standing at the crossroads. One path leads to complete humiliation and dependence on foreign countries and the other is of economic independence and sustainable growth. Several factors will together determine the fate of Haiti in the long run. Let us take a quick look at the aspects that can lead to development of Haitian economy.

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• Haiti requires entrepreneurial revolution and for that the first step will be to build roads, improve electrical grids and develop other national infrastructure. Simultaneously, Haitians should be trained to maintain these new developments. Once the infrastructure is developed, the path for private investment opens up. This basic framework development is possible only with foreign aid. Haitian government on the other hand has to work closely with foreign investors and accept strict foreign vigilance at initial stages and prove that it is capable of managing FDI with minimum impact of corruption. The strict vigilance will gradually decrease and the government will have more flexibility to manage FDI that suits Haiti's needs.

• Law enforcement has to be improved. NGOs and Haitian government must act together and enforce a legal system that will safeguard the investments made by both domestic and foreign entrepreneurs. It is only then that investments will flow in.

• Majority of Haitian youth are uneducated and hence, they fail get good jobs. NGOs must come forward to educate them and then identify their skills and put them in right pockets. Youth development is as important as infrastructure development because it will be the Haitian youth who will drive the country in future.

• The scope of acts like HOPE II must be diversified and more sectors need to be covered and not just apparel industry. HOPE II had a positive impact on apparel sector and other sectors can show similar growth but need some help.

• Tapping the wealth of Haitian Diaspora is important. Nearly 20% of Haitians leave their country after graduating. They become doctors, engineers, lawyers, teachers, bureaucrats and entrepreneurs in other countries and earn a lot and send money to their families back in Haiti in form of remittances. These remittances account for 30% of Haitian GDP, which is more than double of the foreign aid that Haiti receives. Convincing them to invest in Haiti will be beneficial because they know the pulse of Haiti better than foreigners and they can identify pockets that can lead to entrepreneurial revolution.

Foreign aid is important but Haitian government, Haitian population and Haitian Diaspora have to play the most crucial role if Haiti has to prosper and become economically independent.

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Read more: diaspora, economy, Education, business, Job, remittance, Slave, Revolution, Slavery, Hope Act, Law Enforcement, Business & Finance

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