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Hope Act - Haiti Observer Blog

Hope Act, Haiti Observer Blog. Read the following articles about Hope Act


 

The HOPE Act and Its Effect on the Haitian Economy

The Haitian HOPE (Hemispheric Opportunity through Partnership Encouragement) Act of 2006 (also known as HOPE I) was enforced on 6th Dec 2006. As a part of this Act, exports of certain Haiti-made apparels to U.S. were made tariff-free. The intention was to attract investment in apparel industry with the underlying plan being development and economic growth. The condition was that only those apparels will be made duty free whose raw materials were imported by Haiti from any country provided, a part of the sourced material must come from a country that is a part of U.S. Unilateral Preferential Trade Arrangement. Apart from this, Haiti was also required to establish:

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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.

• 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.

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