Home / Knowledge / News / Apparel/Garments / IFC supports SAE-A garment manufacturing operation
IFC supports SAE-A garment manufacturing operation
21
Sep '10
IFC CEO, Lars Thunell, Haitian Prime Minister Jean-Max Bellerive and US Secretary of State Hillary Clinton signed a memorandum of understanding with the Korean garment firm Sae-A to develop a globally competitive industrial park and garment operation in Haiti which is expected to create 10,000 new jobs.

"The World Bank Group is committed to working with the government and people of Haiti and other partners to reduce poverty and support development so that Haitians can benefit fully from participation in the global economy", said Robert B. Zoellick, President of the World Bank Group.

The MOU will facilitate collaboration between the participants, which also include the Inter-American Development Bank (IADB). The project includes the development of basic infrastructure, including ports and roads, as well as access to energy and logistics for a new industrial park and manufacturing operation. IFC and the IADB would support the commercially sustainable components of the project, subject to investment guidelines.

The industrial park and manufacturing operation would be located just north of greater Port-au-Prince or, alternatively, on Haiti's northern coast between the cities of Cap Haitien and Ouanaminthe. This is consistent with Haiti's National Action Plan, which prioritizes these two regions as centers for industrial development.

"We at IFC are glad to offer our expertise and support to SAE-A as the company considers investing and creating jobs in Haiti", said Lars Thunell, Executive Vice President and CEO of IFC.

Sae-A is a leading manufacturer and exporter of textiles and clothing in Korea and a major supplier for Wal-Mart, Target and other U.S. clothing brands such as Gap, Banana Republic and Levi's. The company has over 20 factories worldwide, including in Nicaragua, Guatemala, Indonesia and Vietnam, producing 1.4 million pieces of clothing a day. Sae-A founder and Chairman Woong-Ki Kim signed the memorandum on behalf of the company

IFC is focused on helping rebuild Haiti and supporting economic growth through investment and advisory services, including in the garment, infrastructure, telecommunications, tourism, and finance sectors. Since the earthquake, IFC has made $49.6 million available for nine projects. Four projects for $14.6 million in the banking, garment, hotel, and mining industries are under implementation, including a major energy project approved prior to the quake.

This year, IFC partnered with the Soros Foundation to finance the expansion of an important garment manufacturer that will create 4,000 new jobs by the end of 2011. The investment helps the firm capitalize on new legislation that nearly triples duty-free quotas for Haitian clothing exports to the United States.

IFC has intensified advisory services in Haiti to help companies and government agencies retain and attract investors. This includes simplifying the regulatory framework for special economic zones, improving the country's ports, and supporting the Haitian government's plans to decentralize zones outside of Port-au-Prince.

Must ReadView All

Textiles | On 29th Apr 2017

Textile sector may have uniform GST rate: Irani

The textile sector could have a uniform Goods and Services Tax (GST)...

Textiles | On 29th Apr 2017

EU rules needed to curb textile worker exploitation: MEPs

European Union (EU) rules are needed to oblige textile and clothing...

Apparel/Garments | On 29th Apr 2017

US retail operating growth to be 1.5-2.5% in 2017: Moody's

The forecast for operating income growth in the US over the next 12...

Interviews View All

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Dharmendra Shah
Ozone PB Spintex Limited

‘We have made huge investments to ensure quality yarn production.’

Vidhyaa Shankar. S
A Ganapathi Chettiar

'The usage of knits is getting into the boundaries of woven fabrics'

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

news category


Related Categories:
April 2017

April 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X