Haiti – Economy : The clothing sector partners with IFC to stimulate the growth of the sector
As part of the project to create investment opportunities in Haiti, launched in January 2021, funded by the “Korea-IFC Partnership Program” (KIPP), the “Facility for Investment Climate Advisory Services” (FIAS) and the Fund the World Bank Group partnership for sustainable development goals; the International Finance Corporation (IFC) and the main actors (public and private) of the clothing sector in Haiti, have joined forces to stimulate the growth of this sector in Haiti.
To this end, a Technical Secretariat composed of representatives of the Ministry of the Economy and Finance, the Ministry of Trade and Industry, the Investment Facilitation Center, the Association of Industries of Haiti, the Bureau of Mediator of the Textile Sector and Better Work Haiti was installed to facilitate collaboration between the actors of this four-year project.
“IFC views the garment sector [over 55,000 workers] as an important driver of private sector investment that can improve the well-being of the Haitian population,” said Judith Green, IFC Director for Women. Caribbean.
The Post Covid 2020-2023 Economic Recovery Plan (PRECOP 2023) of 347 billion gourdes over 3 years. https://www.haitilibre.com/en/news-32751-haiti-economy-a-post-covid-economic-recovery-plan-of-345-billion.html also includes the textile sector as one of the most important for achieving economic transformation and diversification over the next three years.
Since its launch in January 2021, the Investment Opportunity Creation Project has provided effective support to the industry through targeted business information as well as transaction support to increase business opportunities for manufacturers companies in Haiti. Despite the negative impact of the pandemic, most companies in the sector are currently experiencing a surge in orders and are operating near full capacity.
“Our fruitful collaboration with the IFC has enabled private companies in the textile sector to benefit from a transfer of know-how and technical assistance to improve their capacities,” declared Michel Patrick Boisvert, Minister of the Economy
In the future, the project will focus on increasing the capacity of existing producers in the market, on the development of operational guidelines and continuity plans, and on the general improvement of the business environment and the competitiveness. This involves in particular identifying the obstacles to the growth of the sector and proposing solutions.
In addition, the project also plans to help develop a new value proposition for Haiti as an investment destination for “nearshoring”, taking advantage of its proximity and access to the US market, in addition to advice for help manufacturers to produce goods with more added value, thus attracting new investments and players. These results will contribute to the objectives of sustainable development, by mobilizing financial resources, jobs and exports.
See also :
Speech of Moïse on the PEROC : https://www.haitilibre.com/docs/disours-PREPOC-jovenel-moise.pdf