Investment - Haiti Observer Blog

Investment, Haiti Observer Blog. Read the following articles about Investment


New Cement plant in Gonaives, Siman Lakay, a $300 Million investment

Haiti will soon become a cement manufacturer once again. With an investment of 300 Million US dollars by both international and Haitian investors, a brand new cement plant called Siman Lakay will be constructed in the locality "La Pierre", in Gonaives. This new cement plant is expected to both reduce our dependency on import and also create jobs. Siman Lakay will have a capacity to produce about 2 million tons of cement per year and create more than 2,200 jobs in the long term.

A 35-megawatt power plant will be built to run the new cement plant and provide electricity to a new village that will be built in the area for the 2,500 employees of the plant. Construction is expected to begin on January 13, 2016.

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First Haiti Dominican Republic Bilateral Investment

On Tuesday, December 15, 2015, in the presence of the Dominican entrepreneur Juan Vicini Lluberes and the members of the Quisqueya Binational Economic Council (CEBQ), Marc Antoine Acra and Jean Lucien Ligonde, the first pilot project of CEBQ in Zone 1 has been launched. The project has been funded with an initial investment of $31 million to build 600 housing units for the textile plant workers and 400 housing units for the workers of the finished product plant. This economic development program near the frontier of Haiti with the Dominican Republic was initiated in 2013 in Miami by the presidents of the two countries, Michel Martelly and Danilo Medina. The objective of this joint effort was the creation of 100,000 direct jobs in the textile sector by 2030.

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First bilateral investment for the economic development of the border

With an objective to create over 100,000 direct jobs in the textile sector by 2030 in the border between Haiti and the Dominican Republic, Quisqueya Binational Economic Council (CEBQ) just began its first pilot Plan there with an initial investment of $ 31 million. Initially, about 4,000 industrial jobs are expected to be created along the border. Quisqueya Binational Economic Council is a binational cooperative organization formed by Haitian and Dominican representatives with the objective to sustain development on the border.

What do you think?

Haitian Kreyol:

Premye envestisman bilateral pou devlopman ekonomik nan fwontyè a.

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A $2 Billion Investment Plan between Haiti & Dominican Republic

The world of foreign relations is tricky to navigate. They are often outcomes of differences of opinions, cultural and religious barriers and economic and military interests that are at odds. However, sometimes, the people of two countries form an alliance that is mutually beneficial, as we found in a bilateral cooperation agreement, but without any primary involvement of their governments. Recently, as per news report dated Thursday, October 1, 2015, in an interview with Fox News Latino, Rafael Blanco Canto, the president of the D.R.'s National Council of the Private Enterprise has said that there is a $2 billion investment plan under discussion among the private investors of the Dominican Republic and Haiti. Four areas of investments have been identified along the 250-mile-long border between the two countries and it would create thousands of factory and agricultural jobs and develop the tourism infrastructure in both the countries on one island.

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Haiti Politics Obstacle to Tourism Sector Investment

Political instability in Haiti and its effect on tourism sector. The Hotel de Plaza was the site of a conference on the tourism industry in Haiti. The topic concerned incentivizing investment under the Investment Code. The support and advice of the Tourism Association of Haiti (ATH); the Interministerial Investment Commission (CII); and Investment Facilitation Center (CFI) would be provided.

Stephanie Balmir Villedrouin, Haiti's Minister of Tourism and Creative Industry, gave a presentation that reviewed the progress of the tourism industry from 2011-2015. The government, she said, funded a series of investment projects along with international partners that amounted to 345 million-plus USD. Among them were:

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Foreign Investment in Haiti in decline

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):

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Three-year saga of Haiti's legislative elections increase risk to foreign investment

Haitian Economy to Suffer if no Elections held by January 2015. The longer Haiti delays on having state and local elections the worse it is for the country's economy.

Elections have been set back time after time since 2011 while wrangling continues over issues like the seating of the Permanent Electoral Council. Once that problem was settled--or seemed to be--the legitimacy of a political appointee became a red herring to keep the government from setting a date for elections again.

What happens if Haiti does not hold elections by January 2015 (and it is very doubtful; it takes six months to prepare for an election) is President Martelly will rule by decree. Foreign investors are concerned if this should come to pass the risk for violent uprisings will force the country into a period of political instability, a climate antithetical to foreign investment. Currently, potential investors are reluctant to invest in Haiti due to its lack of good governance, and its effect on attracting enough investment to its tourism sector, because of political gridlock.

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Hilton to open its first hotel in Haiti, 150 rooms Hilton Garden Inn

If there is one sector of hope in Haiti, we all have to agree it is in its Hotel. After Oasis Hotel, Best Western Premier hotel which opened in Port-au-Prince's Petion-Ville suburb in the spring of 2013, Marriott hotel which is set to open in 2015, now it is the turn of a major hotel chain to announce that it is also interested in Haiti. Hilton has signed an agreement to open its first hotel in Haiti.

Tedd Middleton, vice president of development for Hilton World Wide America, signed an agreement on Thursday to open a 150 rooms Hilton Garden Inn in Port-au-Prince. The Haiti Prime Minister, Laurent Lamothe, who was present at the signing ceremony, took the opportunity to invite other business people around the world to come to Haiti and invest as well. As he often stated, the prime Minister said that "Haiti is moving forward to attract investment". Hilton Garden is expected to be open in Haiti in 2016.

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Haitian-Canadian Chamber of Commerce and Industry trade mission

A trade mission to four cities in Canada took place between November 19 and 23. Within the delegation were those wishing to strengthen the trade relations between Haiti and the North American country. 40 representatives of Haitian businesses and the wider public sector flew to Canada to be part of the effort.

The cities of Ontario, Quebec, Montreal and Ottawa hosted the members of the Haitian-Canadian Chamber of Commerce and Industry (HCCCI), which had its start nearly ten years ago, and continues to foster good business relations between the two countries. The hope of this trip was to stir up continued interest in the creation of business and partnership opportunities between Canada and Haiti.

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The Real Story behind Job & Investment in Haiti

Investment and modernization are the two main keywords for economic development in Haiti. However, improving foreign direct investment and creating permanent employment in Haiti is not as simple as it sounds. The real unemployment rate at Haiti was never properly assessed. Among the unemployed, there are many adults who do not have any formal identification documents. There is no exact statistical data on the total size of Haitian labor force.

Many still consider investment in Haiti is a risky proposition. Political climate is not favorable, enacting new law in the country is almost impossible, transparency is rare, cost of transportation and energy is too high, goods remain static in the customs unnecessarily, ports are not work-efficient, and there are many more displeasing reasons.

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