Haiti - Economy : Investments between 10 and 25 million in the textile
Division financing and development of the World Bank, representatives of the government of Haiti and the United States signed an agreement today with the "Sae-A Trading Company Limited", an important industrial textile group (producing and exporting) of South Korea. This agreement aims at developing a new industrial park and the exploitation of a manufacture of clothing in Haiti.
Company Sae-A Trading Company Limited had already come on mission exploratory in November 2009 with 4 other companies and had expressed its intention to invest in a manufacture in Haiti. Today, the Korean Southern company concretizes its project which should generate nearly 10.000 employment in Haiti.
A spokesperson of International Finances Corporation (IFC) of World Bank Group estimates that the cost of the project could be between 10 and 25 million dollars, according to infrastructure needs, plus working capital.
The new manufacturing facility will be located, just north of the Haitian capital [probably Corail], or on the North Coast of the country (between Cap-Haïtien and Ouanaminthe), the final location to be determined with partners. The project included the development of infrastructure such as roads, as well as access to energy and logistics.
After the signature of a textile manufacture in the 6th section of Lavoute mountain, commune of Jacmel of several million dollars, the investments of the Dominican Republic (Group M), Haiti agrees with this new economic partner, firmly in the reconstruction of its infrastructure in the industrial textile sector. Multilateral organizations and international aid groups are hoping to boost those investments with the clothing sector in Haiti, which represented 75% of export earnings and employs over 25,000 workers before the earthquake.
