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Garment & textile park to boost Haitian economy
15
Sep '12
Haitian economy is all set to get a boost due to setting up of the country’s biggest garment and textile industrial park. 
 
The park, being constructed by Sae-A Trading Co. Ltd., one of the leading South Korean garment manufacturers, will produce apparels from Haiti-made fabrics, which would further reduce the dependence on imported raw materials and would also lessen the cost of production in the country.
 
The Caracol industrial park, coming up in northern Haiti, with an investment of US$ 224 million, would initially create 20,000 employment opportunities.
 
It is expected to fuel more investment in Haitian textile sector, which employed more than 100,000 people in early 1980s. By 2009, however, there were mere 23 textile and garment manufacturers employing around 25,000 workers.
 
At present, garment manufacturing remains Haiti’s largest manufacturing sector, and accounts for over 80 percent of Haitian exports to the US, valued at more than US$ 500 million.
 
Since the new industrial park is coming up in the northern part of Haiti, it is expected to accelerate growth, as most of the existing garment factories in Haiti are situated in Port-au-Prince, in the country’s western part.
 

Fibre2fashion News Desk - India

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