Port-Au-Prince, June 16, 2021.- Key players from the public and private sector in Haiti are partnering to spur increased growth in Haiti's apparel industry, through a project led by the International Finance Corporation (IFC) – a member of the World Bank Group – that will help create investment opportunities and promote job creation.
A Technical Secretariat was established this week to ensure collaboration among key players in this four-year project. The Secretariat includes representatives from the Ministry of Economy and Finance (MEF), Ministry of Commerce and Industry (MCI), the Center for Investment Facilitation (CFI), the Industry Association of Haiti (ADIH), the Textile Ombudsperson Office (BMST), and Better Work Haiti (BW). This group will discuss project progress, prioritization, and overall strategy to exploit the sector's potential. IFC will play an integrator role, bringing together institutions, companies, associations, and local and international investors.
"IFC sees the apparel sector as an important driver of private sector investments that can improve the welfare of the people of Haiti," said Judith Green, IFC Manager for the Caribbean. "IFC has been successfully working with this sector for over 10 years, and we know there is more we can do to help this sector grow," she added.
Haiti's recovery strategy, PREPOC 2023, also includes the textile sector as one the most important ones to achieve economic transformation and diversification over the next 3 years. Since its launch in January 2021, the Creating Investment Opportunities project has provided hands-on support to the industry through tailored market intelligence and transactional support to increase business opportunities for manufacturers in Haiti. Despite the negative impact of the pandemic, most firms in the sector are experiencing a surge in orders and are operating almost at full capacity.
"Our fruitful collaboration with IFC has allowed private firms in the textile sector to benefit from the transfer of know-how and technical assistance to improve their capacities," said the Minister of Economy and Finance, Michel Patrick Boisvert.
Going forward, the project will focus on increasing the capacity of existing producers in the market, developing operational guidance and continuity plans, and overall enhancing the business environment and competitiveness. This includes identifying impediments for sector growth and proposing solutions.
Finally, the project also plans to help develop a new value proposition for Haiti as a nearshoring investment destination, taking advantage of its proximity and access to the US market, in addition to providing guidance to help manufacturers produce goods with more added value, attracting new investments and players. These outcomes will contribute to the Sustainable Development Goals, with the mobilization of financial resources, jobs, and exports.
"I see the apparel sector as a catalyst for other important and lucrative markets that will bring more investments," said the Minister of Commerce and Industry, Jonas Coffy.
The Creating Investment Opportunities in Haiti project is supported by the Korea-IFC Partnership Program (KIPP), the Facility for Investment Climate Advisory Services (FIAS), and the World Bank Group Partnership Fund for the Sustainable Development Goals.
The apparel industry is Haiti's single largest formal employer and exporter – with over 55 thousand workers, most of them women. Among other extended investment opportunities, immediately available spaces in public industrial parks in Haiti could represent over $70 million in investment opportunities, with 9,500 new jobs in the next few years.
About IFCIFC—a member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work in more than 100 countries, using our capital, expertise, and influence to create markets and opportunities in developing countries. In the fiscal year 2020, we invested $22 billion in private companies and financial institutions in developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org. Stay Connected:www.ifc.org/lacwww.twitter.com/IFC_LACwww.linkedin.com/company/ifc-américa-latina-y-el-caribewww.facebook.com/IFCwbgwww.instagram.com/ifc_org/www.youtube.com/IFCvideocastswww.twitter.com/IFC_orgwww.ifc.org/SocialMediaIndex