S. Korean clothing firm invests in North Industrial Park

12 Jan '11

4 min read

• Grow the tax base through increased employment and trade flows.

Investment in the Park will also:

• Include local housing development in nearby communities, including at least 5,000 homes
• Result in a modern port for the Northern region and a rehabilitated road network benefitting the Park as well as other industries such as tourism and agriculture.
• Provide electricity beyond the Park's grounds in surrounding areas that currently lack access to an electric grid.
• Create, in addition to the first 20,000 jobs created by Sae-A, and additional 15,000 or more jobs as the first phase of the park is built out in microenterprises, smallholder farming, food vending or financial services.
• Double, through Sae-A's investment, the Foreign Direct Investment Haiti received in all of 2009.

Each party's commitments:

• Sae-A will commit at least $70 million for facility development, machinery and equipment. It will occupy 50 hectares and employ 20,000 Haitian workers in compliance with International Labor Organization standards.
• The Government of Haiti will, as owners of the Park, contract for park management and provide support and oversight, including ensuring new construction adheres to earthquake and hurricane resistant standards.
• The United States Government will provide more than $120 million in grant funding for the Park's power generation, housing in communities in proximity to the Park and port improvements.
• The Inter-American Development Bank will invest at least $50 million in grant funding for the development of factory shells and inside-the-fence infrastructure.
• While not party to the agreement, the European Union is making grant funding investments to support road improvements, including critical access roads and major arteries in the North.

U.S. Department of State

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