The establishment of a US$ 300 million apparel industrial park project in Caracol township to the north of Haiti, about 160 km from the capital, Port-au-Prince, has put Haiti back on development track. Speaking at the inaugural ceremony of the garment park, Haiti's President Michel Martelly announced that the country is once again "open for business". As a part of its efforts to help Haiti get over the devastating effects of the 2010 earthquake, the US Government invested US$ 124 million in the project, which is expected to create thousands of employment opportunities. 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. According to Sae-A Trading, the venture would generate around 20,000 permanent job opportunities over the next six years. US Secretary of State Hillary Clinton said such projects facilitate sustainable economic development. She said US has discovered that for long-term growth, Haiti needs more investment and infrastructural support, and not aid. Such investment and infrastructural support would help Haiti to achieve its development goals, she added. Inviting investors to enhance their investments in Haiti, President Martelly said they look forward to extend all possible support to make it easier for people to invest in the country. Former US President Bill Clinton, who is the UN Special Envoy to Haiti, also attended the inaugural ceremony. Haiti, the poorest country in the West, was hit by a severe earthquake in 2010, which devastated it badly.
Fibre2fashion News Desk - India