ARTICLE - DAVOS - MARTELLY - INVESTMENT

IN DAVOS, PRESIDENT MARTELLY EXPLAINS THE POTENTIAL OF HAITI TO INVESTORS
(Haiti Libre) -

The President of Haiti, Michel Martelly, in his address to the 42nd World Economic Forum in Davos, Switzerland, has once again encouraged foreign investors to come to Haiti. In discussions focusing on business opportunities in the country, the Head of State clearly explained to the potential investors that it is time to engage in the new Haiti, noting that the challenges can also be favorable opportunities to collaborate, innovate, and invest like never before.

President Martelly has renewed his determination to adopt significant measures to maintain a stable security environment and facilitate investment in the country. He is convinced that the potential investors will not be disappointed: "In the past, corruption drove away foreign and domestic investors. "This is changing under my administration. Corruption will not be tolerated, and furthermore we have a zero tolerance policy on corruption. I want to assure you that I will personally ensure that your investments in Haiti are and will be protected. Many large international companies that already invest in Haiti can attest [...]

In November 2011, over 1,000 entrepreneurs, including 479 international investors from 30 countries were in Haiti in search of opportunities. New investments in different areas are estimated at more than 200 million U.S. dollars. Activities related to tourism, textiles, agriculture, fisheries, livestock, construction and telecommunications have been identified as the economic sectors in which there are many opportunities for investors."

Martelly-Conille administration has identified the top five sectors of the Haitian economy with the most opportunity for foreign investment.

1. Tourism

For twenty years from 1950 to 1970, Haiti was the first tourist destination in the Caribbean. Tourism was then the source of nearly 20% of total exports and generated around 60,000 direct and indirect jobs. After 25 years of absence, in 2012, Haiti returns to the Tourism Circuit. We have signed several agreements with the World Organisation of Tourism to promote tourism. Private sector investments in the tourism and hospitality sector are in the order of over USD $450 million for 30 projects in different stages of planning.

2. Manufacturing and Textiles

The Korean clothing manufacturer Sae-A Co. Ltd is investing upwards of $60 million for textile manufacturing and will be creating 20,000 jobs starting in March. Companies can take advantage of Haiti's preferential trade promotion legislation to export product duty free to the US market.

3. Agriculture, Fisher and Livestock

Agriculture is estimated to contribute roughly 25% of the country's GDP, accounting for around 50% of overall employment, 66% of employment in rural areas, and 75% of employment in low- income households. In the past, Haiti produced more than 80% of its own food, and exported coffee, cocoa, meat and sugar. Nowadays the country is one of the most open markets in the region, relying heavily on imports. The President Martelly government has articulated its vision for the reconstruction and recovery of the sector in the National Agriculture Investment Plan, which is leading to a variety of interventions representing an USD $800 million investment once fully implemented.

4. Infrastructure and Construction

Damages and losses from the 2010 earthquake are estimated at USD$ 7.9 billion and total reconstruction costs of around $11.5 billion. This year alone we expect to spend upwards of $250m on infrastructure projects alone, which will create countless opportunities for companies. The infrastructure that needs to be rebuilt includes airports, ports, roads, water supplies, power generation...

5. Telecomunications

Principal regional telecom companies trust in our market and they have been involved for years; and most recently, another important company has entered the market, [Natcom] and made a substantial investment.

The President of the Republic, before an audience discussing the political and economic situation of the global economy at the summit of Davos, reaffirmed its commitment to bring more results to meet the needs of the Haitian people and to propel Haiti on a path of sustainable economic growth.