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Haiti firms up investments in textile sector
29
May '15
Courtesy: iciHaiti
Courtesy: iciHaiti
Haiti’s centre for the facilitation of investments (CFI) signed a memorandum of understanding (MoU) with the association of industries in Haiti (ADIH) to strengthen textile investments in Haiti. Backed by the Inter-American Development Bank (IADB), the MOU allows the IADB to provide critical support to the CFI and ADIH in their mission to seek the renewal of the HOPE II and HELP legislation in the United States. HOPE II and HELP provide duty-free access to the US market for a large number of Haitian apparel, textiles and manufactured goods, and is often named a reason for why investors in the apparel/textile sector chose to come to Haiti, the country’s media reported.

Implemented in 2006, the Hope I, Hope II and Help Acts have resulted in a strong increase in the volume of exports in the Haitian Apparel Sector; this has generated numerous opportunities for value chain investment within the industry.

In the last seven years, Hope II/Help have led a GDP growth of 78 per cent, from $4.8 billion (2006) to $8.4 billion (2013). Exports have doubled in the same period, steadily growing since 2006 and only reporting a small decline after the earthquake in 2010. Since this natural disaster, exports have grown strongly—up 52 per cent (2013). About 90 per cent of this growth is led by apparel exports to the US. Employment in that sector has doubled from some 17,000 workers to almost 35,000 workers.

"We are very thankful for all the work that has been done to support the urgent renewal of the HOPE II and HELP legislation," explained Norma Powell, Director General of the CFI. "From the important efforts of our President, Michel Joseph Martelly, who has urged the US continuously to renew the legislation, to the support of the Ministry of Finance, we have been fortunate to have a strong, united front in seeking the laws’ extension. Now, with the support of the IADB, we are confident that CFI and ADIH will be able to successfully continue to pursue the renewal of the legislation." (SH)

Fibre2fashion News Desk – India

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